Chipmaker NXP Semiconductors forecast third-quarter revenue and profit above Wall Street targets on Monday, betting that demand from automakers ramping up production will cushion the hit from a weak consumer electronics market.
Attendees stand outside the NXP booth as they wait for the start of the second day of CES 2023, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S. January 6, 2023. REUTERS/Steve Marcus/File Photoforecast third-quarter revenue and profit above Wall Street targets on Monday, betting that demand from automakers ramping up production will cushion the hit from a weak consumer electronics market.
Automakers had struggled to get their hands on key components during the pandemic, but are now finding supply more readily available after global chip shortages eased. "We see continued strength in our automotive, core-industrial and communications infrastructure businesses,” said CEO Kurt Sievers. Revenue in those segments rose in the second quarter on a sequential basis.
Moreover, the United States' curbs on exports to China have continued to escalate, with both sides bringing in new restrictions.
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