Shares of NXP Semiconductors (NASDAQ:NXPI) gained more than 4.7% following the market close on Monday after the company posted better-than-expected Q1 earnings per share (EPS).
In particular, the semiconductor company reported first-quarter EPS of $3.24, surpassing the consensus estimates of $3.19.
Revenue was reported at $3.13 billion for the quarter, in line with analysts' estimates.
NXP reported non-GAAP gross and operating margins of 58.2% and 34.5%, respectively.
For the second quarter of 2024, NXP forecasts EPS to be between $2.36 and $2.77, against a consensus estimate of $2.56.
The company also anticipates Q2 revenues to range from $3.03 billion to $3.23 billion, compared to the $3.11 billion forecasted by analysts.
“Our first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through this industry-wide cyclical downturn,” Kurt Sievers, NXP President and Chief Executive Officer of NXP Semiconductors.
“We continue to manage what is in our control enabling NXP to drive solid profitability and earnings in a challenging demand environment,” he added.