What's Going On With ON Semiconductor Stock Monday?
Portfolio Pulse from Anusuya Lahiri
ON Semiconductor Corp (NASDAQ: ON) reported a 4.1% year-on-year decline in Q4 FY23 revenue to $2.02 billion, surpassing consensus estimates of $2.00 billion. Adjusted EPS was $1.25, beating the $1.21 consensus. Revenue from different groups varied, with PSG growing by 4% and ASG and ISG seeing declines. Gross and operating margins decreased, but the company highlighted record automotive revenue and significant growth in silicon carbide revenue. The Q1 outlook is below consensus estimates, yet shares rose by 8.5%.
February 05, 2024 | 4:07 pm
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POSITIVE IMPACT
ON Semiconductor exceeded Q4 FY23 revenue and EPS expectations, with notable growth in automotive and silicon carbide revenue. However, its Q1 outlook is cautious.
The positive earnings report and the beat on both revenue and EPS expectations are likely to instill investor confidence in the short term, despite a cautious outlook for Q1. The significant rise in stock price post-earnings announcement reflects positive market reaction. However, the cautious outlook for the next quarter could temper some of the optimism.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100