NXP Semiconductors Indicates the Chip Industry Is Still Very Healthy
The stock market is in a bear market in 2022. With investors increasingly worried about a recession, cyclical manufacturing companies have been punished. Chips are building blocks of tech, but they are manufactured products, so many of these companies' stocks have taken a sizable hit.
Automotive chip designer and manufacturer NXP Semiconductors (NASDAQ: NXPI) hasn't been spared. Shares are down 22% so far this year. But the company's second-quarter earnings update and outlook paint a very different picture than what the market is saying.
First, an update on NXP's Q2 earnings. In a nutshell, they were very good as the company's fabrication facilities churn out chips to circuitry-hungry customers.
Source Fool.com
