Texas Instruments (NYSE:TXN) delivered another standout quarter last night, with its earnings more than tripling with a record increase in its revenues on the wireless side. However, investors' reactions were sedate, as they mulled signs that such growth is slowing.

The company reported second-quarter net earnings of $441 million, or $0.25 per share, with revenues up 39% on a year-over-year basis, to $3.24 billion. Particular strength was reported in sales of chips for wireless products.

While Texas Instruments said that order growth slowed in the second half of the quarter in its semiconductor category, with customers having achieved their targets, it has opened up inventory concerns. However, the company added that sales have been trending according to the guidance it has given.

Chip makers have given investors some reason to wonder recently, with case in point being Intel's (NASDAQ:INTC) recent disappointment. While Texas Instruments' second quarter seems hardly one to complain about, it's hard not to wonder about the future, not to mention its relationship with Nokia (NYSE:NOK). That beleaguered company is Texas Instruments' biggest customer, representing 14% of the company's sales as of its last 10-K filing. It's no secret that Nokia has suffered a recent fall from grace.

Indeed, while Nokia has been vowing price cuts to regain market share, investors may have reason to breathe easy in that area, at least for now. According to Texas Instruments' conference call (transcript courtesy of CCBN StreetEvents), "With most of our handset customers, especially our large OEMs, we operate on longer-term contracts with product pricing, and so what they're doing in terms of the near-term environment for market share or for whatever reasons on pricing does not come back to TI in terms of lower prices in the products we sell into them."

In regard to recent growth in the wireless industry overall, Texas Instruments admitted that slowing in handset unit shipments is in order, though it pointed to the emergence of 3G handsets as a new area for its growth -- think of new devices packing wireless Internet that's truly up to par, as opposed to some of the first doddering versions of Internet via cell phone, PDA, and the like.

Investors mulled a sluggish outlook, and the stock recently dropped more than 4% as investors sweated the near term; it's down 39% from its yearly high. Short-term trends aside, it might be nearing the point to consider whether the stock's got the mettle for the long haul.

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Alyce Lomax does not own shares of any of the companies mentioned.