NXP Semiconductors Reports 1Q 2024 Results

NXP Semiconductors N.V. reported financial results for the first quarter, which ended March 31, 2024.

Revenue was $3.13 billion, up 0.2% year-on-year, while non-GAAP free cash flow was $627 million.

GAAP gross margin was 57.0%, GAAP operating margin was 27.4% and GAAP diluted net income per share was $2.47. Non-GAAP gross margin was 58.2%, non-GAAP operating margin was 34.5%, and non-GAAP diluted net income per share was $3.24.

“NXP delivered quarterly revenue of $3.13 billion, in-line with the midpoint of guidance with all our focus end-markets performing as expected,” said Kurt Sievers, NXP president and CEO. “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. We continue to manage what is in our control enabling NXP to drive solid profitability and earnings in a challenging demand environment.”