Business Briefs: Texas Instruments losses lower than expected

Posted Tuesday, Jan. 22, 2013 0 comments  Print Reprints
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Dallas-based chipmaker Texas Instruments said Tuesday that its net income fell 11 percent in the fourth quarter while revenue fell even more. Both results were slightly better than expected. Net income in the period fell to $264 million, or 23 cents per share. Excluding a tax benefit of 15 cents, net income would have been 8 cents per share, slightly beating the 7 cents expected by analysts. Revenue fell 13 percent to $2.98 billion.

-- The Associated Press

Teletouch settles tax dispute with state

Fort Worth-based Teletouch Communications settled a sales tax audit by the state of Texas on Jan. 7 and will pay $1.4 million in tax obligations for its Progressive Concepts subsidiary. Teletouch said it has paid $625,000 and will pay the remainder in monthly installments for three years. The settlement was disclosed as the wireless service retailer reported a loss of $424,000, or 1 cent a share, on revenues of $5 million in its fiscal second quarter ended Nov. 30.

-- Jim Fuquay

Google's earnings up 7 percent for quarter

Google's fourth-quarter earnings rose 7 percent as online advertisers spent more money in pursuit of holiday shoppers. The financial results announced Tuesday were a mixed bag. While the company's earnings topped analysts' estimates, an accounting quirk caused net revenue to fall below the projections that guide investor expectations. The most recent quarter didn't provide an apples-to-apples comparison to the previous year because the latest results included Motorola Mobility, which Google didn't own in 2011. -- The Associated Press

Physicist may be top pick to head Energy

Deputy Defense Secretary Ashton Carter is the leading candidate to head the Energy Department in President Barack Obama's second term, according to two people familiar with the matter. Carter, 58, a physicist, would replace Energy Secretary Steven Chu. -- Bloomberg News

IBM reports 6 percent increase in earnings

IBM's fourth-quarter earnings grew 6 percent as revenue was largely flat. Big Blue said Tuesday that it earned $5.83 billion, or $5.13 per share, from October-December, up from $5.49 billion, its 40th consecutive quarter of earnings growth.

-- The Associated Press

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