NXP slides as weak forecast stokes demand worries among auto chipmakers
Updates shares, adds details from earnings call throughout
By Zaheer Kachwala
July 23 (Reuters) -Shares of NXP Semiconductors NXPI.O fell 9% on Tuesday and dragged other automotive semiconductor companies lower, as its disappointing quarterly revenue forecast sparked concerns of a delay in demand recovery.
The Dutch company had a day earlier posted its worst quarterly revenue decline in four years and forecast third-quarter revenue of $3.15 billion to $3.35 billion, compared with analysts' expectation of $3.36 billion.
In an earnings call on Tuesday, CEO Kurt Sievers warned that inventory corrections for NXP's top customers will stretch into the second half of 2024, beyond its initial expectations.
Automakers had stocked up chips during the pandemic to avoid a supply crunch, but now are grappling with an inventory glut due to lower demand, putting at risk new orders for firms such as NXP.
As a result, CEO Sievers expects 2024 annual revenue to decline in the low single-digit range. NXP expects internal inventory levels to start coming down in the fourth quarter and get back in order in 2025.
Revenue at the company's automotive segment fell 7% from a year ago as automakers cut new orders amid a soft economy and slowing sales of electric vehicles.
Shares of peers such as Onsemi ON.O, Texas Instruments TXN.O and Microchip Technology MCHP.O fell between 2% and 4%.
Still, NXP said it was seeing growth in China, which accounts for a third of its revenue, due to the rise in battery-electric and hybrid vehicle adoption in the region.
The weakness in NXP's automotive sector outweighed a 21% revenue growth in the mobile segment, which has seen robust demand for its chips due to the AI boom.
NXP's third-quarter adjusted profit forecast with a midpoint of $3.42 per share was well below the average estimate of $3.61.
Reporting by Zaheer Kachwala in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
