Breaking News: Manufacturing growth in Japan and Korea eases amid regional concerns
NXP Semiconductors warned of uncertainty in the future macro environment despite strong growth in its automotive division, which helped it report revenue and profit in line with market estimates.
The Dutch company reported a 20.4 percent year-over-year rise in revenue to $3.45 billion, in line with analysts’ estimates. Adjusted earnings before interest, taxes, depreciation and amortization increased more than 30 percent year-over-year to $1.4 billion.
“Overall, we performed very well in the third quarter; however, we have been affected by the weakening of the macro environment in our consumer environment [internet of things] business,” said CEO Curt Sievers.
Sievers said NXP expects supply chain constraints to persist and that the company is “cautious in the medium term due to uncertainty in the macro environment.”
NXP Semiconductors, which was spun off from Philips in 2006 and went public in 2010, makes chips primarily for the automotive, industrial and IoT sectors. None of them fall into the category of advanced chip manufacturing technologies for which the US has imposed export controls on China.
So far, auto and industrial chip companies have reported results that show they are relatively protected from new export controls imposed by the U.S. this month. Meanwhile, European chipmakers have been more vulnerable.
However, the Chinese market is NXP’s biggest earner, accounting for nearly 38 percent of its total sales of $11.06 billion in 2021. It owns a chip manufacturing facility in the Chinese city of Tianjin for advanced chips such as microcontrollers, analog and mixed-signal ICs.
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