NXP semiconductors (NXPI) beat analysts’ earnings estimates Monday and matched expectations for first-quarter revenue. It also delivered a second-quarter forecast that exceeded expectations. NXPI shares rose in extended trading.
X
The Netherlands-based chipmaker earned an adjusted $3.24 per share on revenue of $3.13 billion in the March quarter. Analysts polled by FactSet expected earnings of $3.19 per share on revenue of $3.13 billion. On a year-over-year basis, NXP’s profits rose 2%, while revenue rose a fraction.
For the current quarter, NXP expects adjusted earnings of $3.20 per share on revenue of $3.13 billion. That’s based on the midpoint of his prospects. Analysts expected earnings of $3.14 per share on revenue of $3.12 billion in the second quarter. In the second quarter of last year, NXP earned an adjusted $3.43 per share on revenue of $3.3 billion.
“Our first quarter results, second quarter guidance and our initial view of the second half of the year support cautious optimism that NXP is successfully navigating this industry-wide cyclical downturn,” CEO Kurt Sievers said in a press release.
He added: “We continue to manage what we can control, allowing NXP to generate solid profitability and profits in a challenging demand environment.”
NXPI Stock clears buy point after report
NXP makes chips for the automotive, industrial, Internet of Things, mobile and communications infrastructure markets.
In the first quarter, growth in NXP’s industrial and mobile chip businesses offset declines in its automotive and communications infrastructure businesses.
Prior to the earnings report, NXPI stock had formed a double bottom base with a 251.96 buy point, according to the IBD MarketSurge charts.
In after-hours trading on the stock market today, NXPI stock rose 5.3% to 260.18. During the regular session Monday, NXPI stock rose 1.8% to close at 247.13.
NXPI stock is on the IBD Global Leaders stock list.
Other semiconductor stocks reported their quarterly results late Monday Grid semiconductor (LSCC) and Rambus (RMBS). But unlike NXPI stock, shares of Lattice and Rambus fell after their reports.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer tech, software and semiconductor stocks.
YOU MAY ALSO LIKE:
Chipmaker Onsemi beats Q1 targets, but offers soft outlook
Intel shares fall as chipmaker guides show second-quarter views below
Chipmaker Texas Instruments surpasses Q1 targets and offers reassuring outlook
MarketSurge: research, charts, data and coaching all in one place
View stocks on the leader list near a buy point
