UPS stock sinks after the shipping giant posts earnings that missed estimates, while GM falls even after the auto maker boosts its outlook. Tesla and Alphabet are scheduled to report earnings after the closing bell Tuesday. Read More...
NXP slides as weak forecast stokes demand worries among auto chipmakers
(Reuters) -Shares of NXP Semiconductors fell 9% on Tuesday and dragged other automotive semiconductor companies lower, as its disappointing quarterly revenue forecast sparked concerns of a delay in demand recovery. The Dutch company had a day earlier posted its worst quarterly revenue decline in four years and forecast third-quarter revenue of $3.15 billion to $3.35 billion, compared with analysts’ expectation of $3.36 billion. In an earnings call on Tuesday, CEO Kurt Sievers warned that inventory corrections for NXP’s top customers will stretch into the second half of 2024, beyond its initial expectations.
Reuters•
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