Reported about 1 month ago
NXP Semiconductors NV has issued a disappointing sales forecast for the first quarter, expecting a 10% revenue decline to $2.83 billion due to weak demand for industrial and automotive chips. This poor outlook reflects a persistent oversupply in the chip market, particularly affecting electric vehicle growth outside China, leading to lowered projections amongst competitors like Texas Instruments and STMicroelectronics. Amidst these challenges, NXP's CEO noted a 'cloudy environment' and emphasized a focus on cost management while preparing for a future recovery.
Source: YAHOO