NXP Semiconductors (NASDAQ: NXPI) stock surged over 4% in pre-market trading Tuesday after the company reported strong quarterly earnings and provided an upbeat Q2 outlook.
NXP Semiconductors (NXPI), the Netherlands-based chipmaker, recently released better-than-expected financial results for the first quarter of 2024.
In the March quarter, the chipmaker reported adjusted earnings of $3.24 per share on sales of $3.13 billion. Analysts surveyed by FactSet had anticipated earnings of $3.19 per share on sales of $3.13 billion. The earnings of NXP saw a 2% increase year-over-year, while sales experienced a slight uptick.
In addition, NXP provided a second-quarter forecast above estimates. For the current quarter, NXP expects adjusted earnings of $3.20 per share on sales of $3.13 billion, based on the midpoint of its outlook. Analysts had forecast earnings of $3.14 per share on sales of $3.12 billion for the second quarter. In the same period last year, NXP reported adjusted earnings of $3.43 per share on sales of $3.3 billion.
Kurt Sievers, Chief Executive of NXP, expressed cautious optimism about the company’s performance amidst an industry-wide cyclical downturn. In a news release, he stated,
“Our first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through this industrywide cyclical downturn.”
He added,
“We continue to manage what is in our control, enabling NXP to drive solid profitability and earnings in a challenging demand environment.”
NXP Semiconductors (NASDAQ: NXPI) Stock Price Action
At the time of this report, NXPI stock is trading at $257.50, up 4.20% over the last trading session.
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