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Apple ( AAPL ) supplier NXP Semiconductors ( NXPI ) reported much-better-than-expected fourth quarter earnings and revenue late Wednesday, despite some “challenges.” Fellow iPhone chipmaker Qorvo ( QRVO ) on tap after the market close Thursday. NXP Semiconductors earned $1.25 a share excludng various items, down 7% vs. a year earlier but easily exceeding Wall Street estimates for $1.07. Revenue climbed 4.5% to $1.61 billion. Analysts had expected a 16% drop to $1.29 billion. The fourth-quarter results include one month of contribution from newly acquired Freescale Semiconductor. The Freescale deal is aimed at making NXP an automotive chip powerhouse. Automotive-related sales rose 45% to $422 million. The deal also halves its Apple iPhone exposure. For the current Q1, NXP expects revenue of $2.15 billion to $2.27 billion with non-GAAP EPS of $1.05-$1.15. Analysts expect Q1 EPS of $1.09. Revenue also was in line. “Looking forward, our task is to continue to outgrow the market despite the uncertain environment,” said CEO Richard Clemmer. NXP stock rose 6.2% in morning trading On Wednesday, shares closed down 3.1% on the stock market , near 52-week lows set last month. Apple rose 0.6% intraday. On Wednesdsay, its shares rallied 2%, as Apple regained its market cap crown from Alphabet ( GOOGL ) after Alphabet took the lead on Tuesday. (Alphabet lost 4% Wednesday.) Late Thursday, Qorvo should report a 16% sales decline to $620.3 million, with non-GAAP EPS down 37% to 94 cents. Qorvo slashed its revenue forecast in December. Goldman Sachs downgraded Qorvo Wednesday, saying it’s losing out to rival radio frequency chipmaker Skyworks Solutions ( SWKS ), yet another Apple supplier. Qorvo stock rose 3.4% after losing 0.2% Wednesday. Skyworks Solutions dipped 0.4% intraday after falling 0.4% on Wednesday. Scalper1 News
Scalper1 News