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NXP Semiconductors Profit Drops Sharply

NXP Semiconductors NXPI -1.97 % NV’s profit dropped sharply as operating expenses more than doubled, even as acquisitions and continued strength in its automotive segment drove another revenue surge.

The Dutch company—best known for designing smartphone chips used in automotive systems, identification and transit cards—is in talks to merge with Qualcomm Inc., QCOM 0.72 % the Wall Street Journal reported, part of a consolidation wave as the chip sector reacts to slower growth.

A conference call with analysts is...