Chip firm NXP hit by credit crisis

Tuesday 21 October 2008

Chip factory NXP saw its operational profit fall 90% in the third quarter to $15m, the Financieele Dagblad reports on Tuesday.

Turnover fell 4.2% to $1.3bn. NXP, formerly owned by Philips, announced in September it is to scrap 4,500 jobs worldwide.

'The financial crisis and the situation in the semi-conductor market have led to a speedy worsening of demand towards the end of the third quarter,' the FD quotes CEO Frans van Houten as saying.

© DutchNews.nl

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