06:37 AM EDT, 07/23/2024 (MT Newswires) -- NXP Semiconductors ( NXPI ) shares fell early Tuesday after the Dutch chipmaker issued a downbeat third-quarter outlook as profit and revenue in the prior three-month period fell from a year earlier.

Adjusted earnings are set to come in between $3.21 and $3.63 a share for the ongoing quarter, the company said late Monday. The $3.42 midpoint of the guidance range is lower than the Capital IQ-polled consensus of $3.60. Revenue is expected between $3.15 billion to $3.35 billion, with a midpoint of $3.25 billion. The Street is expecting $3.35 billion.

The semiconductor company's US-listed shares fell 9.1% in premarket activity.

NXP's second-quarter results and third-quarter guidance show the company has navigated through cyclical declines and it anticipates to "resume sequential growth," Chief Executive Kurt Sievers said in a statement. "We continue to manage what is in our control enabling NXP to drive resilient profitability and earnings in a challenging demand environment," Sievers said.

For the three months through June 30, the firm recorded adjusted EPS of $3.20, in line with the Street's view, but down from $3.43 the year before. In April, NXP said it expected second-quarter adjusted EPS to be in the range of $3 to $3.41.

Revenue decreased 5% to $3.13 billion, just ahead of analysts estimate of $3.12 billion. In the automotive segment, revenue fell 7% to $1.73 billion while industrial and internet of things climbed to $616 million from $578 million in the prior-year period. Mobile revenue jumped 21% to $345 million and communications infrastructure slumped 23% to $438 million.

The chipmaker's adjusted gross margin edged up to 58.6% from 58.4% last year. Operating expenses fell to $892 million from $944 million in the prior-year quarter.

Price: 259.50, Change: -24.31, Percent Change: -8.57