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Onsemi exceeded Q4 revenue and profit estimates.
Chipmaker Onsemi surpassed Wall Street estimates for fourth-quarter revenue and profit on Monday.
The company's shares increased by around 9% in early trade.
The robust results demonstrate that demand for Onsemi's silicon carbide chips remains strong despite reduced consumer spending due to high interest rates.
However, the company forecasted first-quarter revenue and profit below analysts' expectations, raising concerns about the future of the electric vehicle market.
Onsemi supplies chips that are used in electric vehicles' drive trains and driver-assistance systems like cameras and sensors.