(Bloomberg) -- NXP Semiconductors NV fell in late trading after giving a disappointing forecast for fourth-quarter sales and earnings, hurt by a slowdown from automotive customers and weak industrial demand.

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Revenue will be $3 billion to $3.2 billion in the fourth quarter, the Dutch chipmaker said in a statement on Monday. Profit will top out at $3.33 a share excluding some items, NXP said. Analysts had estimated $3.36 billion in revenue and $3.62 a share in earnings, according to data compiled by Bloomberg.

Chipmakers that rely on car manufacturers have struggled this year with an inventory glut and low demand for the electric vehicles that use their products. NXP, which gets more than half of its sales from the automotive industry, said sales from that business were down 3% in the third quarter from a year ago. STMicroelectronics NV, last week gave a pessimistic sales outlook through the first quarter, while US chipmaker Texas Instruments Inc. said in October that automotive chips are still suffering from a glut of inventory.

“Our guidance for the fourth quarter reflects broader macro weakness, especially in Europe and the Americas,” Chief Executive Officer Kurt Sievers said in the statement. “We focus on managing what is in our control, enabling NXP to drive resilient profitability and earnings in an uncertain demand environment.”

NXP shares fell as much as 7.1% in extended trading on Monday after the results were released. The stock closed earlier at $236.90.

Industrial Weakness

Persistent weakness from the industrial sector also weighed on results in the third quarter. NXP said revenues from the industrial business dropped 7% from a year ago in the period.

“This weakness is clearly much worse than expected” for the industry, analysts from Cantor Fitzgerald, including C.J. Muse, wrote in a note after the results. However, much of the negative surprise was isolated to the industrial unit’s performance in the Americas and Europe, and “we expect an elongated cyclical recovery,” they said.

In the third quarter, NXP sales fell 5.4% to $3.25 billion. That was just shy of the $3.26 billion estimate. Earnings slipped to $3.45 a share, excluding some items, compared with an estimate of $3.42.

Automotive Struggles

Consumers have balked at the expense of electric vehicles, and carmakers in Europe are struggling to compete with cheaper alternatives from China. Beijing has also been ramping up its homegrown semiconductor market, and the European Commission has previously warned that the region’s chipmakers are at risk of losing substantial market share.