The chip giant showed an industrial chip recovery, but guidance came up conservative. Shares of auto and industrial chip giant Texas Instruments ( TXN 0.28%) plunged doubled digits on Wednesday, falling 13.3% as of 2:22 p.m. ET.

Texas Instruments shares are trading lower on Wednesday following the release of second quarter earnings and third quarter guidance on Tuesday after the market closed.

Texas Instruments Incorporated delivered a solid quarter, with sequential revenue growth and better working capital management. Click to read why TXN is a Hold.

Texas Instruments' quarterly profit forecast failed to impress investors as it pointed to weaker-than-expected demand for its analog chips from some customers and underscored tariff-related uncertainty.

Texas Instruments managed to beat expectations in the June quarter due to customers ordering ahead to build inventory.

Tesla and Alphabet report quarterly earnings after the closing bell Wednesday, while Texas Instruments tumbles after issuing a disappointing profit forecast.