NXP Semiconductors CEO,Richard Clemmer is predicting growth in the firm's product revenues of between 6 to12%in Q3,despite"the uncertain macro environment".
Clemmer is expecting a signficant improvement in operating income performance in"the next couple of quarters".
NXP reported second quarter revenues of$1.09bn down 2.4%on a year ago.But Q2 sales were up on expectations and 11%up on the previous quarter.
Clemmer pointed to 20%growth in NXP's security business which includes smartcard chips,RFID tags and NFC(near field comms)devices.
"We experienced growth in every one of our target end markets,notwithstanding the uncertain macro environment we find ourselves operating within,"said Clemmer.
However,there was a 2.8%fall in the firm's important automotive chip business.
Sales of the firm's broad-based industrial ICs were also lower year-on-year.
"The growth drivers that contributed to our second quarter results are in the early stages and we anticipate further contribution in future periods,"said Clemmer.
We are committed to further investments in our product portfolio that should enable future top-line growth in our core target markets,"said Clemmer.
In Q2 NXP reduced net debt by$865m year-on-year to$2,982m.One-time charges pushed the chip maker Q2 loss of$90m.
