ON Semiconductor reported Q2 2024 revenue of $1.74B, exceeding analyst estimates, driven by strong automotive position and positive Q3 outlook.
ON Semiconductor reported Q2 2024 revenue of $1.74B, surpassing analyst estimates of $1.73B, with adjusted EPS of $0.96, also beating consensus estimate of $0.92. Despite revenue declines in key groups, the company's strong automotive position with a new Volkswagen agreement and strong Q3 outlook contributed to the stock's gain. The company is investing in AI and introducing silicon carbide tech for energy-efficient data centers and electric vehicles.
July 29, 2024
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