Texas Instruments fourth-quarter revenue outlook below estimates

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A semiconductor shortage has caused a major delay in manufacturing activity, with automakers slashing output and electronic device makers struggling to keep up with red-hot demand driven by the shift to work-from-home.

The Dallas, Texas-based company forecast fourth-quarter revenue in the range of $4.22 billion to $4.58 billion. The range’s midpoint falls short of analysts’ estimate of $4.44 billion, according to Refinitiv data.

Total revenue rose 22% to $4.64 billion from $3.82 billion last year, just shy of estimates of $4.66 billion.