Chipmaker NXP Semiconductors posted a 6 per cent 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 per cent 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 per cent in trading after the bell.
Revenue from its communication and infrastructure segment fell 27 per cent to $320 million in the quarter. Industrial and IoT revenue fell 11 per cent, 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.
