ON Semiconductor Corp (NASDAQ: ON) shares are trading lower Monday after the company reported financial results.
ON Semiconductor said third-quarter revenue increased 26% year-over-year to $2.19 billion, which beat average analyst estimates of $2.12 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.45 per share, which beat average estimates of $1.32 per share.
"onsemi has delivered another quarter of record results stemming from continued growth in our focus markets of automotive and industrial. We remain confident in our long-term outlook as we continue to win where semiconductor content growth is accelerating for vehicle electrification, energy infrastructure, advanced safety and factory automation," said Hassane El-Khoury, president and CEO of ON Semiconductor.
ON Semiconductor expects fourth-quarter revenue to be between $2.01 billion and $2.14 billion versus average estimates of $2.1 billion. The company expects fourth-quarter adjusted earnings to be between $1.18 per share and $1.34 per share versus average estimates of $1.25 per share.
ON Semiconductor is a supplier of power semiconductors and sensors focused on the automotive and industrial markets.
ON Price Action: ON Semiconductor has a 52-week high of $76.78 and a 52-week low of $44.76.
The stock was down 2.64% at $65.70 Monday morning.
Photo: ElasticComputeFarm from Pixabay.
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