NXP sees its 1Q revenues soar 27% YoY

The automotive sector delivered a strong contribution to the revenues, accounting for USD 1.22 billion a growth of 24% YoY, Industrial & IoT stood for USD 571 million, up 52% from last year. Mobile added USD 346 million to the company’s total revenue, which is an increase of 40% from the same period last year. The segment which pools together Comm. Infra. & Other recorded revenues of USD 421 million, which is a modest increase of 4% for the comparable period. “NXP delivered first quarter revenue of, an increase of 27 percent versus the year-ago period, and better than the mid-point of our guidance. Positive product mix and increased revenue helped deliver excellent operating profit in excess of our guidance. We continue to be encouraged by the long-term demand trends across all our end markets, which underpin our continued confidence of very robust growth throughout 2021,” says Kurt Sievers, NXP President and Chief Executive Officer in a press release. GAAP gross profit for the first quarter of 2021 was USD 1.35 billion, a 36% increase from USD 997 during the first quarter of 2020. Gaap operating income amounted to USD 492 million, a massive jump of 624% from USD 68 million during the same period last year.