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NXP -3% as weaker Auto sales weigh down Q2 beats

Jul. 27, 2020 5:47 PM ETNXP Semiconductors N.V. (NXPI) StockNXPIBy: Brandy Betz, SA News Editor3 Comments
  • 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.
  • Press release.

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