ON Semiconductor shares are trading lower after the company announced it will reduce its global workforce by 1,000 employees and consolidate nine sites.
Portfolio Pulse from Benzinga Newsdesk
ON Semiconductor shares are trading lower after the company announced it will reduce its global workforce by 1,000 employees and consolidate nine sites.
June 14, 2024 | 1:55 pm
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ON Semiconductor shares are trading lower following the announcement of a workforce reduction by 1,000 employees and the consolidation of nine sites.
The reduction in workforce and consolidation of sites are likely seen as cost-cutting measures, which can be interpreted negatively by investors in the short term, leading to a drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100