BUZZ-NXP shares slide premarket after weak Q2 results
Reuters
Jul 22
BUZZ-NXP shares slide premarket after weak <a href="https://laohu8.com/S/QTWO">Q2</a> results
** Shares of NXP Semiconductors NXPI.O fall 5.8% to $215 in premarket trading on Tuesday
** Co reported a 6% drop in its Q2 revenue, hurt by weakness in communications and infrastructure segment amid broader market softness
** Analysts at Jefferies say they are cautious on auto stocks for now, as the market deals with high inventory levels and growing competition from China
** Revenue fell to $2.93 bln, compared to $3.13 bln a year ago
** Co expects Q3 revenue between $3.05 bln and $3.25 bln, with the midpoint coming above analysts' estimates of $3.07 bln, according to data compiled by LSEG
** NXPI up ~10% YTD
(Reporting by Rashika Singh in Bengaluru)
((Rashika.Singh@thomsonreuters.com;))
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