NXP's CEO to retire this year, insider Sotomayor to take over
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
The Hindu
26 minutes ago
- The Hindu
AP Maritime Board and APM Terminals sign pact for development of seaports in Andhra Pradesh
The Andhra Pradesh Maritime Board (APMB) and APM Terminals, a subsidiary of the Netherlands-based A.P. Moller Maersk, have entered into an agreement for the development of ports and creation of port infrastructure in the State. Senior executives of the APMB and APM Terminals signed the pact in the presence of Chief Minister N. Chandrababu Naidu at the Secretariat on Thursday. As part of the agreement, APM Terminals would create infrastructure (modern terminals, cargo handling facilities etc.) at and manage the upcomingRamayapatnam, Machilipatnam, and Mulapeta seaports, an official release said. The Dutch maritime sector giant would invest around ₹9,000 crore in the infra development in the Andhra ports, creating employment and livelihood opportunities for nearly 10,000 people. On the occasion, Mr. Naidu stressed the significance of creating an economic ecosystem driven by seaports which play a major role in development, and sought the support of APM Terminals for bringing about an integrated logistics framework that covered cargo transportation through railways, roads, inland waterways and by air. The State should take advantage of the dependence of Telangana and parts of Chhattisgarh, Maharashtra, Karnataka, and Odisha on Andhra Pradesh for their businesses, he suggested. Secretary (Industries) N. Yuvaraj and APM Terminals MD (Asia & Middle East) Jonathan R. Goldner signed the agreement. Minister for Roads and Buildings and Infrastructure B.C. Janardhan Reddy, Maersk Group Head (Public Policy & Regulatory Affairs - India, Bangladesh & Sri Lanka Region) Vivek Sharma, and Manager (Public Policy) Deepali Negi, APMB Chairman Damacharla Satya and CEO Praveen Aditya, and Pipavav Port MD Girish Agarwal were present.
Time of India
an hour ago
- Time of India
Gujarat's semi-conductor push gains pace as CG Semi prepares to start production next week
Ahmedabad: Gujarat's semiconductor ambitions are moving from plans to production, with multiple projects hitting key milestones. CG Semi Pvt Ltd is set to begin pilot operations at its outsourced semiconductor assembly and testing (OSAT) facility in Sanand GIDC next week, said sources. The company has invested about Rs 7,600 crore in the project and will reportedly launch its qualification line next week, ahead of full-scale production targeted for 2026. Spread over 32 acres, the Sanand facility marks a major step in Gujarat's fast-expanding semiconductor ecosystem. Industry experts say Gujarat is seeing unprecedented momentum in chip-making. "The state, with its clear vision of becoming a semiconductor hub, has been successful in attracting the Tata Group's $10 billion semiconductor fabrication facility (FAB) in Dholera, which is already under construction and expected to begin production by the end of 2026," said Sudhir Naik, head (mid-west region) of India Electronics and Semiconductor Association (IESA). According to Naik, Gujarat is the only state in India to have four OSAT/ATMP/chip packaging plants: three in Sanand and one in Surat. "Surat-based Suchi Semicon has already begun production at its packaging plant. Within the next two years, all of these facilities are expected to commence large-scale operations, firmly positioning Gujarat on the global semiconductor map," he said. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Gold Rates Today in Ahmedabad | Silver Rates Today in Ahmedabad Alongside CG Semi, , a joint venture between CG Power and Industrial Solutions Limited, Renesas Electronics America Inc., and Stars Microelectronics (Thailand) Public Co. Ltd, other major projects are advancing rapidly. US-headquartered Micron Technology is at an advanced stage of completing its Sanand GIDC facility and is expected to start production either by the end of this year or early next year, said sources. Kaynes Semicon is also gearing up to launch production soon. Together, these investments represent a major leap in India's bid to build a robust semiconductor supply chain, with Gujarat emerging as its nucleus. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Mint
an hour ago
- Mint
Junior Bankers Win Up to 30% Pay Hikes in Hong Kong Deals Boom
(Bloomberg) -- Citic Securities Ltd. and other Chinese brokers are raising pay levels again for junior bankers in Hong Kong to boost retention and handle a jump in dealmaking, according to people familiar with the moves. China's biggest broker is raising pay at its Hong Kong CLSA unit, giving 15% to 30% bumps to about HK$75,000 ($9,600) to HK$80,000 a month to select junior associates, the people said, asking not to be identified because they aren't authorized to discuss compensation. The raises don't apply across the board, one of the people said. Pay is now back at 2022 levels, but still below what first- to third-year associates earned in 2021, when deal activity hit multi-decade highs, one of the people said. China Merchants Bank Co.'s Hong Kong arm, CMB International, has also lifted pay to similar levels for juniors, while a number of other firms are considering raises to follow suit amid rising competition for talent, according to people familiar with the matter. The increases and planned bumps mark a stark turnaround after pay was lowered over the past few years and bonuses and perks were gutted, especially on the mainland, amid a political shift to rein in private enterprise. Bankers in particular were singled out by the ruling Communist Party as leading 'hedonistic' lifestyles, leading firms to also take a cautious approach in Hong Kong. Now dealmaking is flourishing in Hong Kong, mainly driven by the listing of mainland Chinese companies, triggering moves between brokers and demand for bankers. Stock markets are also staging a comeback on the Chinese mainland, even as the property market remains in crisis and the economy has struggled to revive. A Hong Kong-based spokeswoman at Citic declined to comment. CMBI wasn't immediately able to comment. Since late 2022, investment banks and brokerages have made multiple rounds of staff cuts as dealmaking dried up, China's economy faltered on deflation and property woes, and Beijing tightened oversight of the private sector. That has turned around over the past 12 months. Hong Kong saw a net increase of some 1,200 licensed financial professionals, driving the total number to almost 42,500 by the end of June, according to Securities and Futures Commission data compiled by Bloomberg. Citic Securities (Hong Kong), along with CLSA, led the growth in licensed financiers versus a year ago with about 300 additions. CMBI and Huatai Financial Holdings (Hong Kong) Ltd. also added about 70 individuals each, according to SFC data. --With assistance from Jinshan Hong. More stories like this are available on
