Industry, IoT lift NXP’s first quarter
The sales were ahead of analysts’ expectations and driven by a resurgence of industrial and IoT business unit.
The company made an operating profit of US492 million on the revenues, more than six times the profit the company made in 1Q20, when the industry was heading into the Covid-19 pandemic.
NXP divides its business into four units. Industrial and IoT sales were up 52 percent year-on-year while mobile business was up 40 percent. The automotive business unit, which represents nearly half of NXP sales, scored a creditable 24 percent y-on-y lift considering the supply chain woes the automotive sector has been prone to in recent months. The laggard unit for NXP was communications infrastructure, which saw sales rise by 4 percent.
“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,” said Kurt Sievers, CEO of NXP Semiconductors, in a statement.
NXP forecast a 2Q21 revenue of $2.57 billion plus or minus 3 percent. At the mid-point this will represent an annual increase of 41 percent compared with a difficult quarter of lockdown in 2020
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