Dallas-based Texas Instruments said COVID-related lockdown policies in China will cause the semiconductor chipmaker’s revenue to take a 10% hit this spring.
“We’re seeing cases where factories are just shut down and will not take deliveries,” chief financial officer Rafael Lizardi said on a call with investors Wednesday.
Shanghai’s 25 million residents have been kept inside their homes for weeks by government authorities trying to stem the spread of COVID-19 as part of its “zero-COVID strategy.” China is now beginning to test and lock down parts of Beijing.
