NXP Down Most Since July as Car Industry Slump Weighs on Outlook
- Chipmaker’s outlook falls well short of analysts’ estimates
- Guidance reflects ‘broader macro weakness,’ CEO says
NXP Semiconductors NV shares fell as much as 7.1% to $220.10 in extended trading on Monday.
Photographer: Sean Proctor/Bloomberg
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NXP Semiconductors NV on Tuesday fell the most in more than 3 months after giving a disappointing forecast for fourth-quarter sales and earnings, hurt by a slowdown from automotive customers and weak industrial demand.
Revenue will be $3 billion to $3.2 billion in the fourth quarter, the Dutch chipmaker said in a statement on Monday after markets closed. Profit will top out at $3.33 a share excluding some items, NXP said. Analysts had estimated $3.36 billion in revenue and $3.62 a share in earnings, according to data compiled by Bloomberg.