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Kurt Sievers, leader govt officer of NXP Semiconductors NV, all over the Federation of German Industries (BDI) convention in Berlin, Germany, on Monday, June 19, 2023.
Liesa Johannssen-Koppitz | Bloomberg | Getty Images
NXP Semiconductor Inc. fell about 8% on Monday after the chip corporate introduced that CEO Kurt Sievers will step down as a part of its newest income.
Here’s how the corporate did, as opposed to LSEG consensus estimates:
- Earnings according to proportion: $2.64 adjusted vs. $2.58 anticipated
- Revenue: $2.84 billion vs. $2.83 billion anticipated
Sievers will retire on the finish of the yr, with Rafael Sotomayor stepping in as president on April 28, 2025.
The corporate beat expectancies at the most sensible and backside strains however cited a “challenging set of market conditions” having a look ahead.
“We are operating in a very uncertain environment influenced by tariffs with volatile direct and indirect effects,” Sievers mentioned in an income liberate.
The corporate posted $1.67 billion in auto gross sales all over the primary quarter, trailing analyst estimates of $1.69 billion.
NXP Semi mentioned that second-quarter gross sales would are available in at a midpoint of $2.9 billion, forward of the $2.87 billion that analysts have been projecting. Second-quarter adjusted EPS will probably be $2.66, consistent with analyst estimates.
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