Texas Instruments Incorporated (NASDAQ:TXN) made its earnings report for the September quarter of 2013 public this afternoon after the market closed. The company showed earnings of $0.56 for the three months through September. Revenue in the same period came to $3.24 billion. Shares in the semiconductor maker rose on today’s market to finish at $40.99. Shares hit a new 52 week high of $41.22 during trading today.

Texas Instruments

Analysts following the financials of Texas Instruments Incorporated (NASDAQ:TXN) were looking for earnings of 57 cents per share from this afternoon’s report. Consensus revenue expectations came in at $3.2 billion. In the same three months of last year, Texas Instruments earned 52 cents per share on revenue of $3.4 billion.

Texas Instruments earnings

The analysts’ expectations for Texas Instruments Incorporated (NASDAQ:TXN) earnings came in at the lower end of the company’s own forecast. Texas Instruments said in September that it expected to earn within the range of 51 cents to 55 cents per share on revenue of $3.15 billion to $3.29 billion.

The lower revenue is compensated for by the company’s decision to lay off close to 2,000 members of its staff in order to keep control of the firm’s costs and secure the bottom line. The firm has also gotten out of the wireless business, a move that will reduce revenue in the short term, but should raise gross margin at Texas Instruments Incorporated (NASDAQ:TXN).

Texas Instruments performance

Shares in Texas Instruments Incorporated (NASDAQ:TXN) are trading at more than 22 times 2012 earnings. The firm’s earnings are expected to come in a little below 2012 numbers for the full year in 2013. That leaves many investors nearly certain that the stock is overvalued by the market. Revenue and earnings are expected to grow in 2014 as the company cuts costs and expands business into new markets.

Shares in the semiconductor maker have performed exceptionally well through 2013 on the back of good earnings reports, as well as the general boom in the stock market through the year. The company’s shares have increased their value by more than 30 percent since January 1.

Management at Texas Instruments Incorporated (NASDAQ:TXN) will host a press conference to discuss today’s numbers at 5:30PM EST. Analysts and investors will want to know what the firm thinks about the slow-down in the Chinese economy and the chances that the macroeconomy will pick up for the firm’s business in the coming months.