Shares of semiconductor companies, including Broadcom Inc (NASDAQ: NASDAQ:AVGO), are trading higher in sympathy with ON Semiconductor Corp (NASDAQ: ON), which reported better-than-expected quarterly earnings and issued strong guidance. Strong earnings from QUALCOMM, Inc. (NASDAQ: QCOM) last week have also helped lift sector sentiment.
ON Semiconductor reported quarterly earnings of $1.22 per share which beat the analyst consensus estimate of $1.05. The company also reported quarterly sales of $1.95 billion which beat the analyst consensus estimate of $1.90 billion by 2%.
ON Semiconductor sees second-quarter adjusted EPS as low as $1.20 or as high as $1.22, higher than the analyst consensus estimate of $1.05. The company also sees second-quarter sales as low as $1.965 billion or as high as $2.065 billion, higher than the analyst consensus estimate of $1.92 billion.
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Broadcom, the combined entity of Broadcom and Avago, boasts a highly diverse product portfolio across an array of end markets in the semiconductor space.
According to data from Benzinga Pro, Broadcom has a 52-week high of $677.76 and a 52-week low of $419.14.
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