NXP Semiconductors
Q3 2022 Earnings Call
Nov 01, 2022, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello. Thank you for standing by. And welcome to the NXP third quarter 2022 earnings conference call. [Operator instructions] I would now like to hand the conference over to your speaker today, Jeff Palmer, senior vice president of investor relations.
Please go ahead.
Jeff Palmer -- Senior Vice President, Investor Relations
Thank you, Josh. And good morning, everyone. Welcome to the NXP Semiconductors' third quarter 2022 earnings call. With me on the call today is Kurt Sievers, NXP's president and CEO; and Bill Betz, our CFO.
The call today is being recorded and will be available for replay from our corporate website. Today's call will include forward-looking statements that involve risks and uncertainties that could cause NXP's results to differ materially from management's current expectations. These risks and uncertainties include, but are not limited to, statements regarding the continued impact of the COVID-19 pandemic on our business, the macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products, and our expectations for the financial results for the fourth quarter of 2022. Please be reminded that NXP undertakes no obligation to revise or update publicly any forward-looking statements.
For a full disclosure on forward-looking statements, please refer to our press release. Additionally, we will refer to certain non-GAAP financial measures, which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance. Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our third quarter 2022 earnings press release, which will be furnished to the SEC on Form 8-K and be available on NXP's website in the investor relations section at nxp.com. Now, I'd like to turn the call over to Kurt.
Kurt Sievers -- President and Chief Executive Officer
Thank you, Jeff. And good morning, everyone. We appreciate you joining our call today. Now, let me begin with a review of our Quarter 3 performance.
Our revenue was 20 million better than the midpoint of our guidance with performance in the mobile, automotive, and communication infrastructure markets all better than our expectations. For the consumer exposed IoT subset of the industrial and IoT market, we started to experience weaker sell-through in the channel. And let me remind you that our consumer IoT exposure is approximately 40% of the industrial and IoT segment revenue. It is made up of thousands of customers primarily in China and serviced through our distribution partners.