Page last updated at 22:19 GMT, Monday, 20 July 2009 23:19 UK

Profits plunge at chipmaker Texas

Texas Instruments HQ
TI is a top supplier of microchips for mobile phones

Semiconductor firm Texas Instruments (TI) saw profits drop by more than a half between April and June as sales fell during the economic downturn.

Net profit for the quarter was $260m (£157m), down 56% on the $588m recorded during the same period a year ago. Revenue fell 27% to $2.46bn.

The company said demand for computer chips fell, along with sales of mobile phones and other electronic goods.

It said the US economy could be some way from seeing a sustained recovery.

"End demand is still low in relation to where it was six to 12 months ago. We need to be prepared for slow to no growth for a while," said chief financial officer Kevin March.

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