NXP reported that revenue was $2.2 billion, down 3% year-on-year. GAAP gross margin was 51.9%, and GAAP operating margin was 7.1%.
Non-GAAP gross margin was 53.3%, and non-GAAP operating margin was 28.9%. Cash flow from operations was $517 million, with net capex investments of $106 million, resulting in non-GAAP free cash flow of $411 million.
On May 29, 2019, NXP announced it had entered into a definitive agreement to acquire Marvell’s Wireless Connectivity portfolio in an all-cash asset transaction valued at $1.76 billion.
“NXP delivered revenue of $2.2 billion during the second quarter. With sales slightly better than the midpoint of our guidance, and good expense control, we successfully delivered improved operating profitability above the high end of our guidance range. Additionally, during the quarter we returned $716 million to our shareholders consistent with our long-term capital return policy,” said Richard Clemmer, NXP CEO.