NXP Semiconductors Drops as Company Anticipates Sales Decline
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NXP Semiconductors NV plunged the most in four years after forecasting an unexpected decline in fourth-quarter revenue as customers pulled back on orders amid a slowing global economy and higher inventories of unsold chips.
The shares fell as much as 19 percent in early New York trading. NXP anticipates a percentage drop in sales in the “low to upper-teens,” the Eindhoven, Netherlands-based company said Thursday. Analysts had been predicting an increase.