NXP Semiconductors Posts Q1 Profit

(RTTNews) - NXP Semiconductors N.V. (NXPI) reported that its net income attributable to stockholders for the first quarter ended April 2, 2017 was $1.31 billion or $3.79 per share compared to a loss of $398 million or $1.16 per share in the previous year.

In the first quarter, GAAP operating margin was 75.9 percent due to the one-time gain associated with the divestment of Standard Products.

Revenue for the quarter declined to $2.211 billion from $2.224 billion last year.

On October 27, 2016 Qualcomm, Incorporated (NASDAQ:QCOM) and NXP Semiconductors N.V. (NASDAQ:NXPI) announced a definitive agreement, unanimously approved by the boards of directors of both companies, under which Qualcomm will acquire NXP. Under the terms of the definitive agreement, a subsidiary of Qualcomm will commence a tender offer to acquire all the issued and outstanding shares of NXP for $110.00 per share in cash. The tender offer commenced on November 18, 2016.