NXP Semiconductors N.V. NXPI shares are trading higher Tuesday after the company reported better-than-expected financial results.
- Q2 Revenue: $3.3 billion beat estimates of $3.21 billion
- Q3 EPS: $3.43 beat estimates of $3.27
NXP said revenue trends in all of its focus end-markets performed better than anticipated. Total revenues were down 0.4% on a year-over-year basis.
NXP repurchased $302 million worth of its common stock during the quarter.
"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," said Kurt Sievers, president and CEO of NXP.
NXP said it expects third-quarter revenue to be in the range of $3.3 billion to $3.5 billion versus estimates of $3.31 billion. Earnings are expected to be between $3.39 and $3.82 per share versus estimates of $3.43 per share.
See Also: What's Going On Nvidia Stock Tuesday?
NXPI Price Action: NXP shares were up 4.3% at $219.97 at the time of publication, according to Benzinga Pro.
Photo: courtesy of NXP.
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