The Netherlands-based chip manufacturer NXP posted revenue of about €3.5 billion ($3.45 billion) in the third quarter of this year.

NXP achieved 20 percent more revenue than in the same period last year. The growth follows a great quarter in the automotive industry.

Revenue in the automotive sector, NXP’s largest market segment, increased by 24 percent to about €1.8 billion. The industrial IoT segment generated €717 million while communications infrastructure contributed €521 million. Sales of mobile processors, the smallest market segment, rose 19 percent to a total of €412 million.

Lower medium-term expectations

With its results, the Dutch chip giant is one of the few chip manufacturers to present promising figures in recent times. Manufacturers like Intel and Samsung have seen sales decline for some time. Dutch chip manufacturer ASML recently posted positive quarterly figures as well.

Despite the results, NXP retains a cautious medium-term outlook. Macroeconomic developments make it difficult to forecast results accurately. Nonetheless, fourth-quarter expectations are positive. NXP expects sales between €3.2 billion and €3.4 billion.

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