Texas Instruments Inc. shares declined the most in nearly five years after the chipmaker gave a disappointing earnings forecast for the current period, hurt by still-sluggish demand and higher manufacturing costs.

The company’s shares fell 7.5 percent to US$185.52 in New York on Friday. That wiped out the stock’s entire gain this year and marked the worst single-day rout since the early days of the COVID-19 pandemic in March 2020. Texas Instruments CEO Haviv Ilan on a conference call with analysts on Thursday said that industrial demand remains slow.

Shares of analog chip manufacturer Texas Instruments (NASDAQ:TXN) fell 5.9% in the morning session after the company reported underwhelming fourth-quarter results, with earnings guidance for the next quarter falling short of Wall Street's expectations.