NXP reports revenue of $3.31 billion in the second quarter, after announcing joint development of next-generation smart connected car platform with Hon Hai

NXP Corporation announced its results for the second quarter ended July 3, 2022.

According to the report, NXP reported revenue of $3.31 billion, up 27.6 percent year-over-year. On a GAAP basis, the company reported gross margin of 56.8 percent, operating profit of $943 million, up 65 percent year-over-year, and earnings per share of $2.53.

NXP continued to perform well despite significant macroeconomic crossover trends," said Kurt Sievers, president and chief executive officer. The very strong performance of new designs in the end markets we focus on reinforces our confidence in investing in alignment with long-term market demand."

NXP reported several new technology releases in the second quarter of 2022: On June 14, 2022, NXP announced a new MCX controller portfolio designed to advance innovation in smart homes, smart factories, smart cities, and many emerging industrial and IoT edge applications, which includes four families of devices built on a common platform and powered by the widely adopted MCUXpresso development tools and software suite; On June 21, 2022, NXP announced two new processor families that extend the benefits of NXP's innovative S32 automotive platform. The S32Z and S32E processor families help the automotive industry accelerate the integration of diverse real-time applications for area control, safety processing and vehicle electrification, which are critical to the next generation of safer and more efficient vehicles.

Meanwhile, the report shows that on July 20, 2022, NXP announced the signing of a Memorandum of Understanding with Hon Hai Technology Group ("Foxconn") to jointly develop a next-generation smart and connected vehicle platform. Hon Hai, the world's largest electronics manufacturer and a leading technology solutions provider, will leverage NXP's automotive technology portfolio and its long-standing expertise in safety and security to enable architectural innovation.