By Maria Armental
NXP Semiconductors NV's stock rose 6% to $143.30 in after-hours trading Thursday after the company said it now expects to report a better-than-expected $32 million operating profit and about $2.27 billion in revenue for the quarter ended Sept. 27 on improved demand, particularly from automobile and mobile.
NXP had previously projected a $12 million operating profit at the high end of its projection, and a $105 million operating loss at the low end of its forecast, with revenue ranging from $1.9 billion to $2.1 billion.
"The business environment has improved at a faster-than-anticipated pace, driving a broadbased increase in revenue, which also enabled higher gross margin," Chief Executive Kurt Sievers said in a statement.
Company officials had pointed to broad-based disruption as customers' manufacturing facilities shut down to help curb the spread of the Covid-19 pandemic.
The company is slated to report third-quarter results on Oct. 26.
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(END) Dow Jones Newswires