NXP Semiconductors NV shares dropped in the extended session Monday after the chip maker's quarterly forecast fell short of Wall Street expectations.
NXP Semiconductors NV shares dropped in the extended session Monday after the chip maker’s quarterly forecast fell short of Wall Street expectations.
NXP NXPI forecast earnings of $2.82 to $3.22 a share on revenue of $2.9 billion to $3.1 billion for the first quarter, while analysts surveyed by FactSet expected $3.14 a share on revenue of $3.17 billion. Wall Street has grown nervous in recent months about the semiconductor sector as giants like Intel Corp. INTC have shown demand struggles and swelling inventories, but auto-focused chip makers like NXP have largely avoided those doubts.
Shares fell as much as 4% after hours, following a 1.1% decline in the regular session to close at $179.48. Revenue rose to $3.31 billion from $3.04 billion in the year-ago quarter, as auto-chip sales rose 17% to $1.81 billion from a year ago.
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