Texas Instruments Incorporated (TXN) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Texas Instruments Second Quarter 2023 Earnings Conference Call. I'm Dave Paul, Head of Investor Relations, and I'm joined by our Chief Financial Officer, Ralphie Elizardi. For any of you who missed the release, you can find it on our website at ti.com slash ir. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website. This call will include forward-looking statements that involve risks and uncertainties that could cause TI's results to differ materially from management's current expectations. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today, as well as TI's most recent SEC filings for a more complete description. Today, we'll provide the following updates. First, I'll start with a quick overview of the quarter. Next, I'll provide insight into second quarter revenue results with some details of what we're seeing with respect to our end markets. And lastly, Rafael will cover the financial results and our guidance for the third quarter of 2023. Starting with a quick overview of the quarter, revenue in the quarter came in about as expected at $4.5 billion, an increase of 3% sequentially, and a decrease of 13% year over year. Analog revenue declined 18%, embedded processing grew 9%, and our other segment declined 10% from the year-ago quarter. Now I'll provide some insight into our second quarter revenue by market. During the quarter, we experienced continued weakness across all markets except automotive. Similar to last quarter, I'll focus on sequential performance as it is more informative at this time. First, the industrial market was about flat. Next, the au...