ON Semiconductor Stock Jumps After Q2 Earnings - Here's How It Performed
Portfolio Pulse from Anusuya Lahiri
ON Semiconductor Corp reported Q2 FY23 revenue of $2.09 billion, beating the consensus of $2.02 billion, and non-GAAP EPS of $1.33, beating the consensus of $1.21. Revenue from Power Solutions Group grew 6% YoY, Advanced Solutions Group decreased 9% YoY, and Intelligent Sensing Group rose 4% YoY. The company used $39.8 million in free cash flow and held $2.62 billion in cash and equivalents. The company expects Q3 adjusted revenue of $2.095 billion - $2.195 billion, above the consensus of $2.07 billion, and non-GAAP EPS of $1.27 - $1.41, above the consensus of $1.21. ON Semiconductor shares are trading up 4% at $109.29.
July 31, 2023 | 1:35 pm
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POSITIVE IMPACT
ON Semiconductor reported better than expected Q2 FY23 results and provided a positive Q3 outlook, leading to a 4% increase in its stock price.
ON Semiconductor's better than expected Q2 FY23 results and positive Q3 outlook have led to increased investor confidence, resulting in a 4% increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100