NXP Semiconductors
Q1 2023 Earnings Call
May 02, 2023, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, and thank you for standing by. Welcome to the NXP first-quarter 2020 earnings conference call. [Operator instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jeff Palmer.
Please go ahead.
Jeff Palmer -- Senior Vice President, Investor Relations
Thank you, LaTonya. Good morning, everyone. Welcome to NXP Semiconductor's first-quarter 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 specific end markets in which we operate, the sale of new and existing products, and our expectations for the financial results for the second quarter of 2023. 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 first-quarter 2023 earnings press release, which will be furnished to the SEC on Form 8-K and available on NXP's website in the Investor Relations section at nxp.com. I would now like to turn the call over to Kurt.
Kurt Sievers -- President and Chief Executive Officer
Thanks very much, Jeff. And good morning, everyone. We appreciate you joining our call today. I will start with a review of our Quarter 1 results and then discuss our guidance for the second quarter.
So let me begin with Quarter 1. Our revenue was $121 million better than the midpoint of our guidance, with the trends in all the end market segments performing better than our expectations. Taken together, NXP delivered Quarter 1 revenue of $3.12 billion, essentially flat year on year, while we continue to maintain our distribution channel inventory at a 1.6 months level, which is well below our long-term target. Non-GAAP operating margin in Q1 was 34.8%, 50 basis points above the midpoint of our guidance from 90 basis points below the year-ago period.