ON's third-quarter 2024 performance reflects strong demand for business segment and end-market products.
CFRA's Angelo Zino maintains a Hold rating for Onsemi (ON) after earnings. Angelo says this is a company "not as exposed to A.I.
Chipmaker Onsemi projected fourth-quarter revenue and profit below Wall Street estimates on Monday, citing persistent soft demand for semiconductors in the auto sector.
ON Semiconductor (ON) beat third-quarter profit and revenue estimates Monday, but sales continued to decline and the chipmaker gave weak guidance.
The chip maker reported quarterly earnings and sales above Wall Street's estimates.
onsemi's third-quarter 2024 performance is likely to have reflected benefits from the increased adoption of its products in automobile and industrial end markets despite sluggishness.
The EV market is down right now, but won't be forever. This key auto chip supplier is leading the pack.
ON Semiconductor is facing macroeconomic uncertainty, stiff competition, and revenue decline due to inventory correction in the automotive and industrial markets.
ON's automotive prospects remain bright, attributed to its multi-year LTSAs and diversified offerings across ICE/ Hybrid/ EV platforms. The management already hints at demand stabilization, with demand inflection likely to occur in the second half of the decade. This is attributed to the government's intensified charging investments, the launch of mass-market EV models, and the lower borrowing costs as the Fed pivots.
A water technology stock, an airline, and a semiconductor stock make up a list of great stocks to buy now.
Onsemi NASDAQ: ON, formerly known as ON Semiconductor, is a chip stock that hasn't had a great 2024 so far. The company's shares are down 12%, underperforming its industry.
The long-term growth prospects of the electric-vehicle and industrial-automation industries remain undiminished. The slowdown is likely due to temporary factors that will dissipate given a lower-interest-rate environment, better economic growth, and an inventory clearance in industrial automation.