May 3, 2024 /SemiMedia/ --  According to NXP Semiconductors' first quarter 2024 financial report, its revenue for the quarter was US$3.13 billion, with a gross profit margin of 58.2% and an operating profit margin of 34.5%.

In the first quarter, NXP's industrial and Internet revenue was US$574 million, a year-on-year increase of 14%; mobile business revenue was US$349 million, an increase of 34%; communication infrastructure and other revenue was US$399 million, and automotive business revenue fell by 1%.

According to the financial report, growth in NXP's industrial and mobile chip businesses in the first quarter offset declines in the automotive and communications infrastructure services sectors.

“Our first quarter results, second quarter guidance and our preliminary outlook for the second half of the year support cautious optimism that NXP can successfully weather this industry-wide cyclical downturn. NXP will continue to manage controllable matters to maintain solid profitability and earnings in a challenging demand environment," said NXP CEO Kurt Sievers.

NXP raised product pricing by about 8% in 2023 to help maintain profits amid rising costs. The company said in February that it expected pricing to be flat in 2024.