Texas Instruments said the Japan earthquake damaged two of its factories, hurt demand in the country, and cut into its earnings.

The chipmaker, which recently said it would buy National Semiconductor, reported first-quarter earnings of $666 million, or 55 cents a share, on revenue of $3.39 billion. Wall Street was looking for earnings of 58 cents a share on revenue of $3.39 billion.

TI said that earthquake-related expenses in Japan shaved about 2 cents a share off its operating profit.

Read more of "TI: Japan earthquake hurt earnings, outlook" at ZDNet's Between the Lines.