- NXP Semiconductors (NASDAQ:NXPI) dips 3.1% AH after the Q2 beats were offset with Automotive losses that were wider than guided. .
- Automotive revenue totaled $674M, down 32% Q/Q and down 35% Y/Y. NXP guided a high-20% Q/Q decline and 30% drop on the year.
- Revenue breakdown for the other segments: Industrial and IoT, $435M (+16%; +12%); Mobile, $255M (+3%; -14%); Comm. Infra & Other, $453M (+12%; -9%)
- Gross margin was 49.1%, slightly above NXP's 47-49% guidance it attributed to lower revenue and running internal fabs at 50% utilization.
- Cash flow from operations totaled $414M with FCF of $340M.
- Channel inventory stayed at NXP's long-term target of 2.4 months.
- Q3 guidance sees $1.9-2.1B (consensus: $1.9B) and a 20.3-24% operating margin.
- Earnings call starts at 8 AM tomorrow morning with a webcast here.
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Press release.