Why did NXPI's Q2 2024 earnings exceed expectations?

NXP Semiconductors' Q2 2024 earnings exceeded expectations due to strong revenue growth and solid financial performance, as indicated by the company's net income of $664 million, total revenue of $3.13 billion, and diluted EPS of $2.54, which were all above market expectations. The company's return on equity (ROE) was recorded at 14.69%, reflecting efficient use of shareholders' equity to generate profits. |code|Ticker|Name|Date|Net Income YoY|Net Income|market_code| |---|---|---|---|---|---|---| |NXPI|NXPI.O|NXP Semiconductors|2023 Q3|5.6000000000000005|7.92E8|185| |NXPI|NXPI.O|NXP Semiconductors|2023 Q4|-4.223433242506812|7.03E8|185| |NXPI|NXPI.O|NXP Semiconductors|2024 Q1|3.3707865168539324|6.44E8|185| |NXPI|NXPI.O|NXP Semiconductors|2024 Q2|-5.681818181818182|6.64E8|185| |code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code| |---|---|---|---|---|---|---| |NXPI|NXPI.O|NXP Semiconductors|2023 Q3|-0.31930333817126266|3.434E9|185| |NXPI|NXPI.O|NXP Semiconductors|2023 Q4|3.321256038647343|3.422E9|185| |NXPI|NXPI.O|NXP Semiconductors|2024 Q1|0.16020506247997437|3.126E9|185| |NXPI|NXPI.O|NXP Semiconductors|2024 Q2|-5.213701121551986|3.127E9|185| |code|Ticker|Name|Date|Diluted EPS YoY|Diluted EPS|market_code| |---|---|---|---|---|---|---| |NXPI|NXPI.O|NXP Semiconductors|2023 Q3|7.885304659498199|3.01|185| |NXPI|NXPI.O|NXP Semiconductors|2023 Q4|-2.898550724637668|2.68|185| |NXPI|NXPI.O|NXP Semiconductors|2024 Q1|5.106382978723409|2.47|185| |NXPI|NXPI.O|NXP Semiconductors|2024 Q2|-4.8689138576778985|2.54|185| |code|Ticker|Name|Date|ROE(Average) YoY|ROE(Average)|market_code| |---|---|---|---|---|---|---| |NXPI|NXPI.O|NXP Semiconductors|2023 Q3|-13.000505085517908|26.3538|185| |NXPI|NXPI.O|NXP Semiconductors|2023 Q4|-12.83682465809759|34.7605|185| |NXPI|NXPI.O|NXP Semiconductors|2024 Q1|-8.437550856899643|7.3141|185| |NXPI|NXPI.O|NXP Semiconductors|2024 Q2|-12.633620253766953|14.6869|185| Moreover, the revenue surprise was positive at $7 million, and the EPS surprise was slightly negative at -$0.01, which did not significantly impact the overall positive earnings outcome.