NXP Projects Revenue That Would Top Estimates on Robust Demand

(Bloomberg) -- NXP Semiconductors NV, a major chip supplier to the automotive industry, said it sees strong demand that will drive robust growth for the reminder of the year and into 2022.

The Dutch company reported second-quarter revenue rose 43% from a year earlier to $2.6 billion as global chip shortages continue to drive sales. That compares with the $2.57 billion average estimate from analysts surveyed by Bloomberg.

“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,” Chief Executive Officer Kurt Sievers said Monday in a statement.

Key Insights

Market Reaction

• NXP’s shares were little changed in extended trading after closing at $208.98 in New York. The stock has gained 31% this year.
• Infineon reports its quarterly financial results on Tuesday.

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