By Yasin Ebrahim
Investing.com – NXP Semiconductors (NASDAQ:NXPI) reported quarterly results that beat on both the top and bottom lines underpinned by growing chip demand from auto and internet of things end-markets.
NXP Semiconductors shares were down about 1% in after-hours trading following the report.
NXP reported earnings per share of $2.53 on revenue of $3.31 billion. Analysts polled by investing.com anticipated EPS of $2.43 on revenue of $3.39 billion.
The beat on the bottom line was supported by stronger demand from auto and internet of things end markets that helped offset the impact of increased inventories.
"Customer demand within the Auto and Industrial & IoT end-markets continues to exceed our incrementally improving supply, even as we risk-adjust our long term orders. New design win commitments are remarkably strong across our focus end-markets, which underpins confidence that our investments are well aligned with the long-term market requirements," the company said.
Automotive, the corporate’s largest enterprise, reported a 36% gain, to $1.71 billion.
NXP guided Q3 revenue within a range of $3.35 billion to $3.50 billion, above expectations for $3.33 billion.