Texas Instruments announced third-quarter revenue of $3.39 billion (-8% compared to Q3/2007) and net income of $563 million (-26% compared to Q3/2007). The company also announced it is taking actions that will reduce expenses by about one-third, or more than $200 million annualized, in its Wireless business, especially in its cellular baseband operation. The company is also actively pursuing the sale of the merchant portion of this operation and is in discussions with potential buyers. In the custom portion of this operation, TI will continue to support select programs. TI will focus its remaining Wireless investments in OMAP applications processors.