Summary by Moomoo AI
NXP Semiconductors reported Q2 2024 revenue of $3.127 billion, down 5.2% year-over-year, with GAAP gross margin holding steady at 57.3%. Net income reached $664 million while operating income was $896 million, representing a 28.7% operating margin. The company maintained strong profitability despite revenue headwinds in key segments.The Automotive segment declined 7.4% to $1.728 billion and Communication Infrastructure dropped 23.3% to $438 million, while Industrial IoT grew 6.6% to $616 million and Mobile increased 21.5% to $345 million. Distribution channel sales rose 7.4% to $1.804 billion, though direct OEM/EMS revenue fell 18.9% to $1.294 billion.The company demonstrated solid cash management, generating $761 million in operating cash flow and $577 million in free cash flow. NXP returned $570 million to shareholders through $260 million in dividends and $310 million in share repurchases. The company ended the quarter with $2.859 billion in cash and retired $1 billion in senior notes that matured in March 2024.
