NXP Semiconductors Shares Are Trading Higher Tuesday: What's Driving The Action?

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.