Shares of Texas Instruments (NASDAQ: TXN) opened Wednesday's trading 8.5% higher, boosted by a strong earnings report. The semiconductor veteran's stock settled down at a robust 5.9% gain as of 1:30 p.m. ET.

First-quarter earnings fell 35% year over year, landing at $1.20 per diluted share. Top-line sales trended 16% lower at $3.66 billion. But your average Wall Street analyst expected even deeper declines across the board, setting their consensus earnings target at $1.07 per share on roughly $3.61 billion of revenue.

Management's second-quarter guidance was right in line with the current Street views.

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Source Fool.com