NXP Semiconductors NV, a top supplier of chips to the automotive industry, gave a bullish forecast for the current period that it said indicates a “cautious optimism,” sending its shares climbing in late trading.

Revenue will range from $3.1 billion to $3.3 billion in second quarter, the company said Monday in a statement. That compares with analysts’ average estimate of $3.03 billion, according to data compiled by Bloomberg.

“Solid 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 the cyclical downturn in our consumer-exposed businesses, while we see continued strength in our automotive and core-industrial businesses,” Chief Executive Officer Kurt Sievers said in the statement.

The US-traded shares gained as much as 5.7% in extended trading after earlier closing at $166.01 in New York.

Semiconductor makers have been coping with an inventory glut that has hammered sales. Auto suppliers like NXP, though, have held up better than makers of computer and smartphone chips.

By: DocMemory
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