Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Uma Rajagopal

Posted on November 5, 2024

Featured image for article about Finance

(Reuters) – NXP Semiconductors NV forecast fourth-quarter revenue below estimates on Monday, as it anticipates uncertain demand and broader macroeconomic weakness in Europe and the Americas.

Nasdaq-listed shares of NXP fell 5% in trading after the bell.

Enterprises cutting down on spending due to budget constraints in a sluggish economy has impacted the Eindhoven, Netherlands-based chipmaker.

NXP provides manufacturers with chips and other technology essential for high-speed digital processing utilized in sectors like automotive, manufacturing, telecommunications and the Internet of Things (IoT).

“While we experienced some strength against our expectations in the communication infrastructure, mobile and automotive end markets, we were confronted with increasing macro related weakness in the industrial and IoT market,” said CEO Kurt Sievers.

The Dutch firm expects fourth-quarter revenue with a mid-point of $3.10 billion, compared to analysts’ average estimate of $3.36 billion, according to data compiled by LSEG.

Industrial and IoT revenue fell 7% in the third quarter ended Sept. 29, while mobile revenue was up 8%.

Revenue from the automotive segment – NXP’s biggest – fell 3% to $1.83 billion.

NXP posted third quarter revenue of $3.25 billion, in line with analyst estimates.

Chipmaker ON Semiconductor also projected fourth-quarter revenue and profit below Wall Street estimates in October, citing persistent soft demand for semiconductors in the auto sector.

(Reporting by Juby Babu in Mexico City; Editing by Shailesh Kuber)

Recommended for you

  • Thumbnail for recommended article

  • Thumbnail for recommended article

  • Thumbnail for recommended article

;