Shares of NXP Semiconductors (NASDAQ:NXPI) gained in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $3.19, which beat analysts’ consensus estimate of $3.02 per share. Sales decreased by 0.6% year-over-year, with revenue hitting $3.12 billion. This beat analysts’ expectations of $3 billion.
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NXP Semiconductors’ non-GAAP gross margin came in at 58.2%, with an operating margin of 34.8%. NXP also pulled in $632 million in cash flow from its operations, and capex investments came in at $251 million.
Management also offered projections for the second quarter that proved welcome. Revenue is expected between $3.1 billion and $3.3 billion, easily beating analyst consensus of $3.04 billion in even the worst case. Earnings per share are expected between $3.07 and $3.49 on a non-GAAP basis.
Overall, Wall Street has a consensus price target of $202.40 on NXPI stock, implying 21.92% upside potential, as indicated by the graphic above.
