NXP Semiconductors (NXPI) late Monday beat analyst estimates for earnings and matched views on sales in the first quarter. It also provided a Q2 forecast above expectations. NXPI stock surged in extended trading.

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The Netherlands-based chipmaker earned an adjusted $3.24 a share on sales of $3.13 billion in the March quarter. Analysts polled by FactSet had expected earnings of $3.19 a share on sales of $3.13 billion. On a year-over-year basis, NXP earnings rose 2% while sales climbed a fraction.

For the current quarter, NXP forecast adjusted earnings of $3.20 a share on sales of $3.13 billion. That’s based on the midpoint of its outlook. Analysts were looking for earnings of $3.14 a share on sales of $3.12 billion in the second quarter. In Q2 last year, NXP earned an adjusted $3.43 a share on sales of $3.3 billion.

“Our first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through this industrywide cyclical downturn,” Chief Executive Kurt Sievers said in a news release.

He added, “We continue to manage what is in our control, enabling NXP to drive solid profitability and earnings in a challenging demand environment.”

NXPI Stock Clears Buy Point After Report

NXP makes chips for automotive, industrial, Internet of Things, mobile and communication infrastructure markets.

In the first quarter, growth in NXP’s industrial and mobile chip businesses offset declines in its automotive and communications infrastructure businesses.

Ahead of the earnings report, NXPI stock had formed a double-bottom base with a buy point of 251.96, according to IBD MarketSurge charts.

In after-hours trading on the stock market today, NXPI stock jumped 5.3% to 260.18. During the regular session Monday, NXPI stock climbed 1.8% to close at 247.13.

NXPI stock is on the IBD Global Leaders stock list.

Other semiconductor stocks reporting quarterly results late Monday included Lattice Semiconductor (LSCC) and Rambus (RMBS). But unlike NXPI stock, shares of Lattice and Rambus fell after their reports.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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