Chipmaker NXP third quarter forecast above estimates on steady automotive demand

Chipmaker NXP Semiconductors forecast third-quarter revenue and profit above Wall Street targets on Monday, betting that demand from automakers ramping up production will cushion the hit from a weak consumer electronics market.

Growing electrification of cars and the use of advanced driver-assistance systems have kept demand for automotive chips steady, helping NXP, which made over half of its revenue from that sector last year.