“This drives growing chip content per application, or secular content growth, which will likely continue to drive faster growth in industrial and automotive.”

In context

“ew mid-single-digits. Next, enterprise systems declined low-single-digits. And lastly, communications equipment grew upper-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 2024, industrial was 34%; automotive, 35%; personal electronics, 20%; enterprise systems, 5%; communications equipment, 4%; and other was 2%. In 2024, industrial and automotive combined made up about 70% of TI's revenue, 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 customers across all regions are increasingly turning to analog and embedded technology to make their end products more reliable, more affordable and lower in power. This drives growing chip content per application, or secular content growth, which will likely continue to drive faster growth in industrial and automotive. Rafael will now review profitability, capital management and our outlook. Rafael Lizardi: Thanks, Haviv, and good afternoon, everyone. As Haviv mentioned, fourth quarter revenue was $4 billion. Gross profit in the quarter was $2.3 billion, or 58% of revenue. Sequentially, gross profit decreased primarily due to lower revenue, higher depreciation and reduced factory loadings. Gross profit margin decreased 190 basis points. Operating expenses in the quarter were $937 million, up 4% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were $3.8 billion, or 24% of revenue. Operating profit was $1.4 billion in the quarter, or 34% of revenue, and profit was down 10% from the year-ago quarter. Net income in the fourth quarter was $1.2 billion, or $1.30 per shar”