(Reuters) -Texas Instruments forecast fourth-quarter revenue and profit below analysts’ estimates on Tuesday since the analog chipmaker navigates a buildup in markets much like automotive and industrial that has forced customers to hold back on orders.

Orders for TI’s chips from the automotive market have faltered as customers struggle to clear existing inventory amid a years-long slump in demand stemming from stock-piling through the pandemic.

An ongoing weakness within the industrial market, which utilizes chips for tasks much like automating factories, has also hurt orders.

The company forecast revenue inside the range of $3.70 billion to $4.0 billion, compared with analysts’ average estimate of $4.07 billion, in step with data compiled by LSEG.

While electrification and the rise of autonomous driving technology have led to increased chip content, the boost has been offset by weaker automotive sales as consumers battle an uncertain economy.

The company’s results are closely watched as an indicator of demand across a slew of industries since its chips find widespread application. Moreover it’s the first amongst major U.S. chipmakers to report results for the September quarter.

TI forecast fourth-quarter earnings between $1.07 and $1.29 per share, versus analysts’ estimate of $1.36.

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Sriraj Kalluvila)