Chipmaker NXP delivers mixed earnings as supply chain problems persist
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Dutch chipmaker NXP Semiconductors N.V. posted mixed second-quarter financial results today, missing on earnings by some distance despite a strong performance from its automotive chip segment.
The company reported earnings before certain costs such as stock compensation of $1.42 per share on revenue of $2.6 billion, up 43% from a year ago. Analysts had called for much stronger earnings of $2.31 per share, though they were looking for lower revenue of $2.58 billion.
Despite the earnings miss, NXP’s stock was up just over 1% in after-hours trading.
In a statement, NXP President and Chief Executive Kurt Sievers (pictured) said ongoing supply chain problems were the reason for the earnings miss. But he stressed he’s positive about long-term demand trends across all of the company’s markets.
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