NXP Semiconductors Stock Rises After Hours: Here's Why

NXP Semiconductors N.V. shares are trading higher in Monday's after-hours session on the heels of the company's second-quarter report. Here's a rundown of the results and a look at what's driving the action.

What Happened: NXP reported quarterly earnings of $3.43 per share, which beat the analyst consensus estimate of $3.27, a 2.56% decrease over earnings of $3.52 per share from the same period last year. 

The company reported quarterly sales of $3.30 billion, which beat the analyst consensus estimate of $3.21 billion, a 0.33% decrease over sales of $3.31 billion in the same period last year.

The company issued guidance for the third quarter with total revenue estimated between $3.3 billion and $3.5 billion, versus the consensus estimate of $3.31 billion. Earnings per share are expected to be between $3.39 and $3.82, versus the consensus estimate of $3.43.

"NXP delivered quarterly revenue of $3.3 billion at the high end of guidance, with revenue trends in all our focus end-markets performing better than anticipated," said Kurt Sievers, NXP President and Chief Executive Officer. 

"Our first-half results and guidance for the third quarter underpin our confidence that NXP is successfully navigating through the cyclical downturn in our consumer-exposed businesses. At the same time, we see continued strength in our automotive, core-industrial and communications infrastructure businesses."

The company will host a conference call on Tuesday, July 25, at 8:00 a.m. U.S. Eastern Daylight Time (EDT) to review the second quarter 2023 results in detail.

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NXPI Price Action: NXPI shares were up 1.76% after hours at 214.60 at the time of publication, according to Benzinga Pro.

Image by Republica from Pixabay