(Reuters) -Chipmaker NXP Semiconductors posted a 6% drop in second-quarter revenue on Monday, led by weakness in communications and infrastructure segment amid broader market softness.
NXP’s revenue for the second quarter fell 6.4% to $2.93 billion, although it still narrowly beat analyst expectations of $2.90 billion, according to data compiled by LSEG.
NXP’s chips are used for high-speed digital processing utilized in sectors such as automotive, manufacturing, telecommunications and the Internet of Things (IoT).
The shares of the company fell 5% in trading after the bell.
Revenue from its communication and infrastructure segment fell 27% to $320 million in the quarter. Industrial and IoT revenue fell 11%, while the automotive segment was flat.
For the third quarter, the company expects revenue to be between $3.05 billion and $3.25 billion, the midpoint of which is above analysts’ estimates of $3.07 billion.
(Reporting by Kritika Lamba in Bengaluru; Editing by Anil D’Silva)
