06:13 AM EDT, 07/23/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

NXP Semiconductors ( NXPI ) shares were down 8.6% in premarket activity on Tuesday after the company overnight reported a decline in Q2 earnings and revenue.

The company reported Q2 non-GAAP earnings late Monday of $3.20 per diluted share, down from $3.43 a year earlier.

Analysts surveyed by Capital IQ expected $3.20.

Revenue for the quarter that ended June 30 was $3.13 billion, down from $3.30 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.12 billion.

The company expects Q3 non-GAAP earnings of $3.21 to $3.63 per diluted share on revenue of $3.15 billion to $3.35 billion. Analysts surveyed by Capital IQ expect $3.60 and $3.34 billion, respectively.

Price: 259.48, Change: -24.33, Percent Change: -8.57