Profits are up but Texas Instruments is still cutting 1,100 jobs

Chipmaker Texas Instruments said Tuesday it will cut 1,100 jobs worldwide to trim costs and will reduce its investment in certain markets. The company says the cuts in its embedded processing unit and in Japan will result in $130 million in annual savings by the end of 2014. 

It was a mixed bag for Texas Instruments after the bell on Tuesday, beating analyst estimates for the fourth quarter but also announcing approximately 1,100 layoffs on the way too. The semiconductor maker reported a net income of $511 million, or 46 cents per share (statement). Non-GAAP earnings were 46 per share on a revenue of $3.028 billion. Wall Street was looking for earnings of 46 cents per share on a revenue of $2.99 billion. For 2013 overall, TI posted revenue of $12.2 billion, down five percent annually, with earnings of $1.91 cents per share, up 26 percent annually.