(Reuters) - NXP Semiconductors NV ( NXPI ) forecast second-quarter profit above estimates on Monday, as easing inventory corrections at its industrial and mobile customers helped offset decelerating revenue from automotive customers due to slowing EV demand.

U.S.-listed shares of the Eindhoven, Netherlands-based chipmaker rose 6% in extended trading.

After many quarters of working down existing chip inventory, orders from industrial and mobile customers show signs of rebounding. These markets were experiencing a chip supply glut after a pandemic-fueled buying spree.

Peer Texas Instruments forecast second-quarter revenue above analysts' estimates earlier in April.

Industrial and IoT revenue grew 14%, while mobile revenue was up 34% in the first quarter.

However, the automotive market, NXP's biggest by revenue share, is starting to see an inventory build-up.

Expensive EVs have put off consumers already grappling with higher-for-longer interest rates, hurting demand for the company's automotive chips, some of which are used in advanced driver-assistance system functions.

Revenue from the automotive segment fell 1% in the first quarter. NXP had said in February that automotive revenue would be down in the low single-digit percent range in the quarter.

Still, analysts believe the firm is poised to benefit significantly from the widespread adoption of ADAS worldwide.

The company expects second-quarter adjusted earnings of about $3.20 per share, compared to analysts' average estimate of $3.11 per share, according to LSEG data. Its forecast for second-quarter revenue was in line with estimates.

It also forecast a second-quarter adjusted gross margin of about 58.5%, compared to an estimate of 58.1%.

NXP had increased pricing by about 8% in 2023 to help maintain its margins in the face of higher input costs. The company said in February it expects pricing to be flat in 2024.