Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
© NXP
General |

NXP's automotive business delivers positive FY 2023 results

Netherlands-based NXP Semiconductors has reported 4Q results above analyst estimates, thanks largely to strong automotive chip sales.

NXP delivered full-year 2023 revenue of USD 13.28 billion, an increase of 1% year-on-year. In the fourth quarter, revenue was USD 3.42 billion, an increase of 3% over 2023. Much of this was due to the firm's automotive chip business, which saw revenue grow 5% to USD 1.90 billion in Q4 from a year earlier. This accounted for 56% of NXP's overall revenue in 2023.

Other sectors performed less well. The Industrial and IoT segment reported sales of USD 2,351 million, a decline of 13% from USD 2,713 million. Mobile sales fell 17% to USD 1,327 million. However communications Infrastructure posted sales of USD 2,114 million, a 5% increase.

“In review, NXP delivered solid results throughout 2023, reflecting strong execution, consistent gross margin, and healthy free cash flow generation despite a challenging semiconductor market environment. We are navigating a soft landing by managing what is in our control, especially limiting over shipment of products to customers,” said Kurt Sievers, NXP President and Chief Executive Officer.


Load more news
February 28 2024 8:54 am V22.3.45-1
Ad
Ad