NXP Semiconductor (NXPI, Financial) saw its stock price drop over 6%, trading at $22.43. The decline followed the release of its third-quarter financials, which revealed a 5.4% decrease in revenue to $3.25 billion. This was slightly below analysts' expectations of $3.26 billion. Adjusted earnings per share were $3.45, down from $3.70 in the previous year, but still above the anticipated $3.42.
The company's automotive chip segment experienced a 3% revenue decrease, bringing in $1.829 billion. Looking ahead, NXP forecasts fourth-quarter revenue between $3 billion and $3.2 billion, suggesting a potential year-over-year drop of 6% to 12%. This projection falls short of analysts' expectations of $3.36 billion. The company also expects adjusted earnings per share to range from $2.93 to $3.33, whereas analysts had predicted $3.62.
NXP's CEO noted that the outlook reflects broader macroeconomic challenges, particularly in Europe and the Americas.
