NXP Semiconductors reports solid Q2 with strong results in automotive

NXP Semiconductors on Monday reported solid second quarter financial results driven by major year-over-year growth in its automotive segment. 

The company reported net income of $406 million, or $1.42 per diluted share. Total revenue came to $2.6 billion, an increase of 43 percent versus the year-ago period, and better than the mid-point of NXP’s guidance. 

Analysts were expecting earnings of $2.31 per share on revenue of $2.58 billion. 

“We continue to be very positive about the long-term demand trends across all our end markets, and while the supply environment will remain challenging in the near term we have taken actions to increase supply which underpin our confidence to drive very robust growth for the remainder of 2021, as well as into 2022,” CEO Kurt Sievers said in a statement. 

NXP’s automotive business brought in $1.26 billion in revenue, up 87 percent year-over-year and up 3 percent sequentially. Industrial & IoT

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