NXP Semiconductors (NASDAQ:NXPI) disclosed third-quarter earnings that surpassed the expectations set by Wall Street. The company announced an earnings per share (EPS) of $3.70 against a revenue of $3.43 billion.

This performance exceeded the forecasts of Wall Street analysts, who had predicted an EPS of $3.61 and revenue of $3.40 billion. The company's automotive division, its primary growth engine, reported a 5% increase in revenue year-over-year, totaling $1.89 billion.

In contrast, the Internet of Things (IoT) division experienced a 15% revenue decline compared to the same quarter in the previous year, and mobile revenue also fell by 8% year-over-year.

Looking forward, NXP has provided guidance for the fourth quarter, expecting an adjusted EPS of $3.65 on revenue of $3.4 billion. This outlook is in line with EPS estimates but falls slightly short of the revenue estimates of $3.43 billion projected by analysts.