(Reuters) - Texas Instruments Inc posted a 60 percent decline in its quarterly profit but revenue was slightly ahead of analysts' expectations and the chip maker said a prolonged inventory related decline in demand had come to an end.
The company, whose chips are used in products ranging from cellphones to industrial equipment, said profit fell to $265 million, or 22 cents per share, from $666 million, or 55 cents per share, in the year-ago quarter.
Revenue fell 8 percent to $3.12 billion from $3.39 billion but was slightly ahead of the consensus Wall Street forecast for $3.06 billion, according to Thomson Reuters I/B/E/S. TI's own revenue target was $2.99 billion to $3.11 billion.
(Reporting By Sinead Carew; Editing by Richard Chang)