Why NXP Semiconductors Stock Jumped Today
Shares of NXP Semiconductors (NASDAQ: NXPI) rose as much as 11.3% on Wednesday, following the company's announcement of preliminary first-quarter results.
In short, the coronavirus pandemic slowed down NXP's production lines and incoming orders more than originally expected. The maker of silicon chips for mobile security solutions and automotive computing now expects first-quarter sales to land near $2.02 billion, 16% below the year-ago period. GAAP operating profits should stop in the neighborhood of $68 million, far below the $179 million guidance midpoint.
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Source Fool.com