React JS onChange function of Material UI ‘number’ TextField uses previous value

I have an onChange function on this element:

<TextField id="rowinput" type="number" 
           defaultValue={this.defaultRows} // defaultrRows = 1
           inputProps={{ min: "1", max:"5"}}
           onChange={this.handleRows}>
</TextField>

This is the function:

handleRows = ev => {
        let newrows = ev.target.value;
        let newcount = newrows * this.state.cols;
        this.setState( {rows: newrows, panelcount: newcount} )
        console.log("Row Count: " + this.state.rows);
        console.log("Total Count: " + this.state.panelcount);
}

What this should do is take the value of the input field when the up and down arrows are clicked, and update the state. However, I’ve found that when the console statement in the handler prints its result, the number used is one step behind.

As you can see, on page load it starts with a default value of 1 (as does the cols value it is referencing), and so when the up arrow is clicked, the value changes to 2 and it should print out:

Row Count: 2

Total Count: 2

When I print the temporary variables it prints 2 and 2, but when I use the state call here, it prints 1 and 1.
Here for example, I increased the value up to 5, and you can see the console never logged higher than 4:

Is the state update called asynchronously? How can the temporary variables be correct but calling this.state.rows is one iteration behind?

Any help would be greatly appreciated