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Tuesday, May 30, 2023

On Semiconductor Corporation (ON) stock: Better Than You Think

On Semiconductor Corporation (NASDAQ: ON) stock recently released third-quarter earnings that were better than expected by Wall Street analysts. In fact, the company established a quarterly sales record. The fourth quarter has the potential to be excellent as well.

On Semiconductor Corporation (ON)’s sales were $1.74 billion in the third quarter of 2021, up 32% year over year, and its earnings were $0.87 per share. It’s worth noting that GAAP earnings nearly quadrupled from the same quarter a year ago. On Semiconductor’s gross margin improved 310 basis points to 41.4 percent year over year, while its operating margin increased, even more, rising 6 percentage points to 22.9 percent, a new high.

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According to the management of On Semiconductor Corporation (ON), the company will continue to grow in the future as a result of a broad range of disruptive technologies for a variety of markets, including electric vehicles, automated driver assistance systems, industrial automation, alternative energy sources, and so on.

According to On Semiconductor’s fourth-quarter prediction, revenue would increase by around 27% to $1.74 billion to $1.84 billion. The gross margin on that revenue is expected to increase from 41.8 percent to 43.8 percent. In addition, the business anticipates GAAP net income of $0.67 to $0.78 per share.

On Semiconductor Corporation (ON) makes customized chips for a variety of plug-in devices, such as IoT gadgets and linked autos. Chips for industrial equipment, as well as power management in telecoms and data centres, are another prospective area for the company.

The variety of ON Semiconductor’s partner network and its strong presence in several areas are its advantages. The risk of being too reliant on global macroeconomic patterns still exists.

On November 2, the ON stock was valued at $57.14, up more than 14% in the first two trading days of the month. The company’s market cap reached $24.10B.

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