04:49 AM EDT, 04/24/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Texas Instruments ( TXN ) shares jumped 7% in premarket activity on Wednesday after the company beat on Q1 earnings and sales.

The company reported Q1 earnings late Tuesday of $1.20 per diluted share, down from $1.85 a year earlier.

Analysts polled by Capital IQ expected $1.07.

Revenue for the quarter ended March 31 was $3.66 billion, down from $4.38 billion a year earlier. Analysts surveyed by Capital IQ expected $3.61 billion.

The company expects Q2 EPS of between $1.05 and $1.25 on revenue ranging from $3.65 billion to $3.95 billion.

Analysts in a survey by Capital IQ expect EPS of $1.15 and revenue of $3.76 billion.

Price: 178.18, Change: +11.53, Percent Change: +6.97