NXP Semiconductors reported a steady quarter with revenues of $3.13 billion, consistent with expectations despite a 5% decline compared to 2023 figures. CEO Kurt Sievers expressed confidence, marking this period as the semiconductor cycle's nadir, projecting sequential growth in the upcoming quarter. Sievers emphasized NXP's resilience amidst challenging market conditions, underscoring their focus on profitability and operational control.
Texas Instruments (TI) mirrored this trend, disclosing Q2 revenues of $3.82 billion, down 16% year-on-year. TI's president, Haviv Ilan, noted declines in industrial and automotive sectors while highlighting growth across other segments. Ilan outlined strategic investments in US-based 300mm fabs and in-house semiconductor test and assembly capabilities, reflecting TI's preparations for the anticipated market upturn. Despite a projected revenue range of $3.94 billion to $4.26 billion for Q3 2024, down from $4.53 billion in Q3 2023, TI remains cautiously optimistic.
Meanwhile, Silicon Labs reported Q2 revenues of $145 million, a significant 40% decline from the previous year's $244 million. CEO Matt Johnson, however, indicated positive momentum driven by increased production from recent design wins and inventory adjustments across key growth areas. Johnson anticipates further revenue growth in Q3 as excess inventory diminishes and new design wins materialize.
TSMC announced robust Q2 revenues of $20.82 billion, up 32.8% year-over-year and 10.3% sequentially, underpinned by strong demand for advanced 3nm and 5nm technologies. CFO Wendell Huang attributed this performance to heightened smartphone and AI-related demands, foreseeing continued growth in Q3 2024.
Intel's Q2 revenue is expected to marginally rise to $13.02 billion following the previous quarter's $12.72 billion, slightly below analyst forecasts. Analysts predict a 4% growth trajectory for Intel this year, bolstered by the burgeoning data center AI semiconductor market and the launch of their inaugural EV automotive chip.
