By Maria Armental
NXP Semiconductors NV swung to a third-quarter loss amid the coronavirus pandemic, but Chief Executive Kurt Sievers pointed to a rebound mobile and automotive, and said positive trends continued in the current quarter and are expected to "deliver robust growth in 2021." Here's what you need to know:
LOSS: NXP swung to a loss of $22 million, or 8 cents a share, from a profit of $109 million, or 38 cents a share, a year earlier. Analysts surveyed by FactSet had expected a loss of 33 cents a share, or an adjusted profit of $1.54.
REVENUE: Revenue was $2.27 billion, in line with the company's preliminary results released this month, and showed automotive rebounding 43% from the previous quarter, albeit down 8% from the year earlier. Industrial & IoT saw 21% revenue growth from the year earlier and mobile experienced a 5% increase.
OUTLOOK: This quarter, the company expects $2.38 billion to $2.53 billion in revenue, compared with analysts' projected $2.27 billion.
PANDEMIC: Chief Executive Kurt Sievers had pointed to a significant demand improvement across end markets, but particularly in automotive and mobile. Mr. Sievers said in a statement Monday that the momentum continued into the current quarter, adding that automotive, industrial & IoT and mobile benefited from a rebound in core business as well as "solid contribution from the ramp of new products."
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(END) Dow Jones Newswires