ON Semiconductor Reports Positive Q2 Earnings and Strong Predictions for Q3

Monday, 29 July 2024, 12:44
ON Semiconductor Corp (NASDAQ: ON) revealed a fiscal second-quarter revenue of $1.74 billion, slightly above analyst expectations despite a 17.2% decline compared to the previous year. The adjusted earnings per share (EPS) of $0.96 also surpassed the forecast of $0.92. The automotive sector remains a focal point for growth, with improvements anticipated in Q3, signaling resilience amid broader market challenges.
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ON Semiconductor Reports Positive Q2 Earnings and Strong Predictions for Q3

Overview of Q2 Earnings

ON Semiconductor Corp (NASDAQ: ON) has reported a fiscal second-quarter 2024 revenue of 1.74 billion, which represents a 17.2% decline year-over-year, yet it exceeded analyst expectations of 1.73 billion.

Performance Highlights

  • Adjusted EPS: 0.96, beating the consensus of 0.92.
  • Power Solutions Group (PSG) revenue: 835.2 million, down 15% year-over-year.
  • Analog and Mixed-Signal Group (AMG) revenue: 647.8 million, down 18% year-over-year.

Looking Ahead

Despite the revenue decline, ON Semiconductor's CEO highlighted gains in the automotive sector and expressed optimism for a strong Q3 outlook.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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