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NXP Semiconductors Reports Q1

EINDHOVEN, The Netherlands — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the first quarter 2011, ended April 3, 2011, and provided guidance for the second quarter 2011.

“NXP delivered better than anticipated top-line revenue during the first quarter as nearly all of our focus segments out-performed our original expectations,” said Richard Clemmer, NXP Chief Executive Officer. “Our quarterly performance successfully demonstrates NXP's strategy to focus on the faster growing High Performance Mixed Signal market, and to opportunistically service the broad-based Standard Products market. The success of our strategy is especially clear when compared to the normal seasonal slowdown in the broader semiconductor industry and the seasonal performance of the mixed signal served market during the first quarter.”

“We experienced continued margin expansion as non-GAAP gross margin increased to nearly 48 percent, a 22 percent improvement in non-GAAP gross profit versus the year ago period. Simultaneously we held our total expenses steady, resulting in non-GAAP operating margin of 21 percent, a 76 percent improvement in non-GAAP operating profit from the year ago period.”

“Within our focused High Performance Mixed Signal segment, revenue grew 7 percent year-on-year, while segment margins continue to trend toward our long term model. During the first quarter, our High Performance Mixed Signal non-GAAP operating margin was 24 percent, a 54 percent increase in non-GAAP operating profit from the year ago period.”

“We experienced significant growth within our Identification segment, which was up 17 percent sequentially, and up a full 40 percent versus the year ago period. Furthermore we experienced solid growth in our Wireless Infrastructure, Lighting and Infrastructure segment, off-set by seasonal weakness in our Mobile, Consumer and Computing segments and a very slight impact relating to the disaster in Japan on our Automotive segment,” Clemmer said.

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