NXP's CEO to retire this year, insider Sotomayor to take over
NXP Semiconductors
NV said on Monday CEO
Kurt Sievers
would retire by the end of the year, and insider
Rafael Sotomayor
would succeed him.
Shares of the company fell more than 7% in extended trading following underwhelming forecast and beat.
Sotomayor will take on the role of the president effective Monday, and will become the CEO in October.
NXP forecast second-quarter revenue slightly above Wall Street expectations, while posting quarterly revenue that beat estimates by a small margin.
"We are operating in a very uncertain environment influenced by tariffs with volatile direct and indirect effects," Sievers said in a statement.
NXP provides manufacturers with chips and other technology essential for high-speed digital processing utilized in sectors like automotive, manufacturing, telecommunications and the Internet of Things (IoT).
The Eindhoven, Netherlands-based firm expects second-quarter revenue in the range of $2.8 billion to $3 billion, with a midpoint that is above analysts' average estimate of $2.87 billion, according to data compiled by LSEG.
For the first quarter ended March 30, NXP posted revenue of $2.84 billion, compared to an estimate of $2.83 billion.
Revenue from its communication and infrastructure segment fell 21% to $315 million in the quarter.
Its chips are also used by firms in the industrial and mobile phone industries. Industrial and IoT revenue fell 11%, while the automotive segment fell 7%.
NXP, which is the biggest maker of computer chips for cars, said in February it would acquire AI firm Kinara in an all-cash deal valued at $307 million.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 minutes ago
- Time of India
NRIs launch curated tour packages for Singaporeans in coastal Karnataka
Mangaluru: Undeterred by the recent setback of direct flights between Mangaluru and Singapore failing to take off, Singapore-based NRIs launched an alternative strategy to boost tourism in Coastal Karnataka. Their new initiative, a series of curated tour packages for Singaporeans to Mangaluru, aims to significantly increase tourist traffic, ultimately reviving hopes for direct air connectivity. The first tour, 'Ashta Kshetra Darshan', a five-day spiritual and sightseeing journey, commences on June 13, with an inaugural batch of a small group. This marks a crucial step in showcasing the region's unique appeal. Future plans include 'Exotic Tulunadu' for adventure and beaches, and 'Rome of the East' focusing on historical churches and recreation. Rajesh H Acharya, director of HQ Connections Pte Ltd, Singapore, curated the tour packages with an aim to promote tourism in Coastal Karnataka, and to encourage direct flights from Singapore to Coastal Karnataka. The Tulu community in Singapore was keen to promote the destination when a direct flight between Singapore and Mangaluru was announced from Jan 2025, but the withdrawn later. The 'Ashta Kshetra Darshan' is a tour of eight popular temples in Coastal Karnataka, which is offered through tour operator Udupi Vaibhav. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo A native Singaporean couple, Asokan and Mohanammbal, are excited about joining the tour as their 14-year wish to visit Kollur Mookambika temple is coming true. They are third-generation Singapore citizen of Tamil origins. "About 14 years ago, I went to Thiruvarur to my son-in-law's village where I met a local diamond merchant who gave me the picture of Kollur Amma and told me to visit her. I am excited to take this journey," shared Mohanammbal. Acharya said that this trip will be held every month, and two more packages will be introduced from Sept: Exotic Tulunadu and Rome of the East—10 churches visit, sightseeing, and recreation. "The initiative seeks support from the global Tulu community to promote tourism and strengthen the case for a direct flight between destinations. Soon we will also contact all the Indian communities here in Singapore to support it," said Acharya, adding that the tour packages aim to target more than 2 lakh Indian expats and Singaporeans.
News18
41 minutes ago
- News18
Vinfast VF 6 Test Mule Spotted During Testing, Scroll Down To See Clear Photos
Last Updated: According to the details, the EV has been spotted in Mumbai, hinting the launch is just around the corner. The Vietnam-based car maker Vinfast is gearing up to boost the business operations in India. To capture the mass market, the company is set to introduce two of its tech-loaded product in the country. Ahead of the official release, the upcoming all-electric SUV named VF 6 has been spied during the testing phase, and has revealed some of the important details and key highlights. According to the details, the EV has been spotted in Mumbai, hinting the launch is just around the corner. If rumours are to be believed, the electric SUV might hit the market somewhere in the festive season. Here's What To Expect Going by the spy shots, VF 6 looks quite similar to its sibling VF 7. It features identical stance, featuring a massive bonnet at the front, signature style connected DRLs at the front, same treatment of light bar at the back as well. It also gets a fully LED headlight setup, round-shaped wheel arches with decent-sized cladding on the sides. Overall Dimension Despite fully covered in heavy camoluge, the model somehow flaunts an aggressive style statement, and looks quite bigger compared to some of its competition in the Indian market. The reports suggested that VF 6 will be measured 4,241mm in length, 1,834mm in width, and 1,580mm in height, while the wheelbase will be 2,730mm with the ground clearance of 190mm. Inside the cabin, the company continue to offer a luxury treatment from every corner. It sports yet uncluttered appeal, which will make it look clean and classy. The dual-tone colour scheme with low-set dashboard and flat-bottomed 3-spoke multi-functional steering wheel will be there to level up the cabin game. The EV will come with a 12.9-inch infotainment touchscreen, which will be positioned atop the dashboard. The unit will support all the wireless car connect technology, including Android Auto and Apple CarPlay. The other notable features include dual-zone climate control, panoramic sunroof, 8-way powered driver's seat, rear AC vents, ventilated front seats, connected car tech, among others. Battery and Range As far as the battery is concerned, it will a 59.6kWh pack that will generate a maximum output of 204hp and 310Nm. The customers can expect a decent WLTP-certified range up to 480km.
NDTV
an hour ago
- NDTV
Getty Argues Its Landmark UK Copyright Case Does Not Threaten AI
London: Getty Images' landmark copyright lawsuit against artificial intelligence company Stability AI began at London's High Court on Monday, with Getty rejecting Stability AI's contention the case posed a threat to the generative AI industry. Seattle-based Getty, which produces editorial content and creative stock images and video, accuses Stability AI of using its images to "train" its Stable Diffusion system, which can generate images from text inputs. Getty, which is bringing a parallel lawsuit against Stability AI in the United States, says Stability AI unlawfully scraped millions of images from its websites and used them to train and develop Stable Diffusion. Stability AI - which has raised hundreds of millions of dollars in funding and in March announced investment by the world's largest advertising company, WPP - is fighting the case and denies infringing any of Getty's rights. Before the trial began on Monday, Stability AI's spokesperson said "the wider dispute is about technological innovation and freedom of ideas". "Artists using our tools are producing works built upon collective human knowledge, which is at the core of fair use and freedom of expression," the spokesperson said. In court filings, Stability AI lawyer Hugo Cuddigan said Getty's lawsuit posed "an overt threat to Stability's whole business and the wider generative AI industry". Getty's lawyers said that argument was incorrect and their case was about upholding intellectual property rights. "It is not a battle between creatives and technology, where a win for Getty Images means the end of AI," Getty's lawyer Lindsay Lane told the court. She added: "The two industries can exist in synergistic harmony because copyright works and database rights are critical to the advancement and success of AI ... the problem is when AI companies such as Stability want to use those works without payment." WIDER IMPACT Getty's case is one of several lawsuits brought in Britain, the U.S. and elsewhere over the use of copyright-protected material to train AI models, after ChatGPT and other AI tools became widely available more than two years ago. Creative industries are grappling with the legal and ethical implications of AI models that can produce their own work after being trained on existing material. Prominent figures including Elton John have called for greater protections for artists. Lawyers say Getty's case will have a major impact on the law, as well as potentially informing government policy on copyright protections relating to AI. "Legally, we're in uncharted territory. This case will be pivotal in setting the boundaries of the monopoly granted by UK copyright in the age of AI," Rebecca Newman, a lawyer at Addleshaw Goddard, who is not involved in the case, said. Cerys Wyn Davies, from the law firm Pinsent Masons, said the High Court's ruling "could have a major bearing on market practice and the UK's attractiveness as a jurisdiction for AI development".
