“These trends have resulted and will continue to result in growing chip content per application, which will drive faster growth, compared to our other markets.”

In context

“ipment was down low-single-digits. And lastly, enterprise systems grew low single digits. In addition, as we do at the end of each calendar year, I'll describe our revenue by end market. As a percentage of revenue for 2023, industrial was 40%; automotive was 34%; personal electronics 15%; communications equipment 5%; enterprise systems 4%; and other was 2%. In 2023, industrial and automotive combined made up 74% of TI's revenue, up about 9 percentage points from 2022, and up from 42% in 2013. We see good opportunities in all of our markets, but we place additional strategic emphasis on industrial and automotive. Our industrial and automotive customers are increasingly turning to analog and embedded technologies to make their end products more reliable, more affordable, and lower in power. These trends have resulted and will continue to result in growing chip content per application, which will drive faster growth, compared to our other markets. Rafael will now review profitability, capital management, and our outlook. Rafael Lizardi: Thanks Dave, and good afternoon everyone. As Dave mentioned fourth quarter revenue was $4.1 billion. Gross profit in the quarter was $2.4 billion or 60% of revenue. From a year ago, gross profit decreased primarily due to lower revenue, higher manufacturing costs associated with planned capacity expansions, and reduced factory loadings. Gross profit margin decreased 650 basis points. Operating expenses in the quarter were $898 million, up 4% from a year ago and about as expected. On a trailing 12-month basis operating expenses were $3.7 billion or 21% of revenue. Operating profit was $1.5 billion in the quarter or 38% of revenue. Operating profit was down 30% from the year-ago quarter. Net income in”