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NXP: 1Q Earnings Snapshot

EINDHOVEN, Netherlands (AP) _ NXP Semiconductors NV (NXPI) on Wednesday reported first-quarter net income of $58 million.

On a per-share basis, the Eindhoven, Netherlands-based company said it had profit of 17 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to $1.11 per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.71 per share.

The chipmaker posted revenue of $2.27 billion in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $2.35 billion.

NXP shares have dropped 12 percent since the beginning of the year. The stock has declined nearly 3 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NXPI at https://www.zacks.com/ap/NXPI