: NXP Semiconductors stock rallies on improved outlook

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NXP Semiconductors NV NXPI shares rallied in the extended session Thursday after the chip maker raised its outlook for the quarter. NXP shares surged 5% after hours, following a 0.9% gain to finish the session at $134.83. The company reported third-quarter preliminary revenue of $2.27 billion, compared with an earlier mid-point forecast of $2 billion. Analysts surveyed by FactSet had estimated revenue of $2.01 billion. “Relative to the mid-point of our guidance, we experienced material improvement in demand across all end markets, but particularly in the automotive and mobile end markets,” said Kurt Sievers, NXP chief executive, in a statement. “Additionally, demand improved in both our direct and distribution channels.” NXP is scheduled to release earnings on Oct. 26.
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