Analog chip manufacturer Texas Instruments (NASDAQ:TXN) will be announcing earnings results tomorrow afternoon. Here’s what you need to know.

Texas Instruments met analysts’ revenue expectations last quarter, reporting revenues of $3.82 billion, down 15.6% year on year. It was a slower quarter for the company: its gross margin fell and its revenue guidance for next quarter missed Wall Street's estimates.

Is Texas Instruments a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Texas Instruments’s revenue to decline 9.1% year on year to $4.12 billion, improving from the 13.5% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.41 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Texas Instruments has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Texas Instruments’s peers in the semiconductors segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Micron Technology delivered year-on-year revenue growth of 93.3%, beating analysts’ expectations by 1.4%, and SMART reported a revenue decline of 1.7%, falling short of estimates by 4.3%. Micron Technology traded up 14.6% following the results while SMART’s stock price was unchanged.

Read our full analysis of Micron Technology’s results here and SMART’s results here.

Investors in the semiconductors segment have had steady hands going into earnings, with share prices up 1.7% on average over the last month. Texas Instruments is down 2.4% during the same time and is heading into earnings with an average analyst price target of $205.81 (compared to the current share price of $199.05).

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