Chip maker NXP booked a loss of $580m in the first three months of this year, as the crisis in the chip industry continued to bite, the company announced on Wednesday.

The Eindhoven-based company, in which Philips has a 20% stake, saw sales tumble from $1.5bn to $702m in the first quarter. NXP booked an operating loss of $71m.
The company is in the middle of a global cost cutting programme involving the loss of thousands of jobs. The cuts are now predicted to by more than the $550m originally envisaged.