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Texas Instruments Incorporated (TI) announced its third quarter revenue of $3.39 billion, with a net income of $563 million. “We entered the third quarter with a cautious view of the economy and its impact on our markets.  Revenue was weak, as expected, because consumers and corporations reduced their spending in this uncertain economy,” stated Rich Templeton, TI Chairman, President and CEO.

After the company released its earning statement, it also revealed plans to reduce expenses by about one-third, or more than $200 million annualized, in its wireless business, particularly in its cellular baseband outfit. TI is vigorously looking into the sale of the merchant portion of the cellular business and is in discussions with possible buyers.

The downgrade in the cellular baseband production will begin immediately with the expected completion to be in June 2009. The New York Times reports that around 650 jobs are at stake within six different countries.