NXP Semiconductor Shares Plunge 7.7% In Pre-Market On Lower Q3 Revenue Forecast Amid Automotive Sector Struggles
Portfolio Pulse from Benzinga Neuro
NXP Semiconductor shares dropped 7.7% in pre-market trading due to a lower-than-expected Q3 revenue forecast, driven by a slowdown in automotive demand and geopolitical tensions. The company expects Q3 revenue between $3.15 billion and $3.35 billion, below estimates of $3.35 billion. Other chip stocks like Nvidia, AMD, and Intel also traded lower in the pre-market.
July 23, 2024 | 9:53 am
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NEGATIVE IMPACT
AMD shares traded lower in the pre-market, likely influenced by the broader negative sentiment in the semiconductor sector following NXP Semiconductor's lower Q3 revenue forecast.
AMD's pre-market trading is affected by the overall negative sentiment in the semiconductor sector, driven by NXP Semiconductor's disappointing Q3 revenue forecast.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Intel shares traded lower in the pre-market, likely influenced by the broader negative sentiment in the semiconductor sector following NXP Semiconductor's lower Q3 revenue forecast.
Intel's pre-market trading is affected by the overall negative sentiment in the semiconductor sector, driven by NXP Semiconductor's disappointing Q3 revenue forecast.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Nvidia shares traded lower in the pre-market, likely influenced by the broader negative sentiment in the semiconductor sector following NXP Semiconductor's lower Q3 revenue forecast.
Nvidia's pre-market trading is affected by the overall negative sentiment in the semiconductor sector, driven by NXP Semiconductor's disappointing Q3 revenue forecast.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
NXP Semiconductor shares fell 7.7% in pre-market trading due to a lower-than-expected Q3 revenue forecast, driven by a slowdown in automotive demand and geopolitical tensions.
The significant drop in NXP Semiconductor's share price is directly linked to the company's lower-than-expected Q3 revenue forecast and challenges in the automotive sector, which is its largest segment.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100