Apple supplier NXP Semi’s earnings top ahead of Apple report

“Apple supplier NXP Semiconductors late Monday reported first-quarter earnings that fell a little less than estimates, a day before Apple itself is expected to report declining profit and a sharp drop in iPhone sales,” Ed Carson reports for Investor’s Business Daily. “NXP Semi gave guidance that was in line to slightly above forecasts.”

“Earnings per share fell nearly 16% to $1.14 a share excluding various items vs. $1.35 a year earlier,” Carson reports. “Revenue, fueled by acquisitions, climbed about 52% to $2.224 billion from $1.467 billion a year earlier. Economists had expected EPS of $1.09 and sales of $2.21 billion.”

“NXP Semiconductors is a leading chip supplier for the Apple iPhone and Samsung smartphones. But it’s also a major supplier of chips for the auto industry, especially after its recent acquisition of Freescale Semiconductor. Auto-related sales hit $805 million, up 167% vs. a year earlier on a reported basis, or just 1% with Freescale’s year-earlier results included,” Ed Carson reports. “”

Read more in the full article here.

MacDailyNews Take: We’ll see if that bodes well for Apple or not later today at market close.

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