NXP Semiconductors (NASDAQ:NXPI) earnings for the tech company’s second quarter of 2020 have NXPI stock on the move after markets closed on Monday. That comes after reporting diluted losses per share of 77 cents on revenue of $1.82 billion. For comparison, Wall Street was expecting diluted EPS of 84 cents on revenue of $1.81 billion.
Here’s what else is worth mentioning from the most recent NXP Semiconductors earnings report.
- Diluted per-share losses are down massively compared to diluted EPS of 14 cents from the second quarter of 2019.
- Revenue for the quarter is sitting 18% lower than the $2.22 billion reported during the same time last year.
- Operating loss of $145 million is a decrease year-over-year from an operating income of $157 million.
- The NXP Semiconductors earnings report also has it bringing in a net loss of $209 million.
- That’s a major drop from the company’s net income of $46 million in the same period of the year prior.
Kurt Sievers, President and CEO of NXP Semiconductors, said this in the earnings report.
“Our Automotive end market was significantly impacted by the effects of the COVID-19 pandemic on the global macro-economic environment, though we did experience better than anticipated sequential trends in our other end markets.”
NXP Semiconductors also provides guidance for Q3 2020 in its earnings report. It expects revenue for the quarter to range from $1.9 billion to $2.1 billion. Wall Street is looking for revenue of $1.88 billion during that period.
NXPI stock was down 3.5% after-hours Monday but closed out normal trading up 3.9%.
As of this writing, William White did not hold a position in any of the aforementioned securities.