NXP Semiconductors published first quarter financial results on Monday, delivering revenue in line with market expectations.

The company reported a Q1 net income of $364 million, or $1.25 per diluted share. Revenue for the quarter was $2.567 billion, up 27 percent year-over-year.

Analysts were expecting earnings of $2.21 on revenue of $2.56 billion.

"Positive product mix and increased revenue helped deliver excellent operating profit in excess of our guidance," President and CEO Kurt Sievers said in a statement. "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."

NXP's automotive business brought in $1.23 billion in revenue, up 24 percent year-over-year. Industrial & IoT sales brought in $571 million, up 52 percent. Mobile revenue came to $346 million, up 40 percent. The "Communications Infrastructure & Other" category brought in $421 million, up 4 percent.

The company also announced that on March 4, its board of directors approved the payment of an interim dividend for Q1 of $0.5625 per ordinary share.

For the second quarter, NXP gave an outlook of $2.57 billion in revenue, plus or minus $70 million.

By: DocMemory
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