Chipmaker Onsemi ( ON ) on Monday beat Wall Street’s targets for the fourth quarter but guided lower for the current period. ON stock initially fell on the news but then turned positive. The Phoenix-based company, also known as ON Semiconductor, earned an adjusted $1.32 a share on sales of $2.1 billion in the December quarter. Analysts polled by FactSet had expected earnings of $1.26 a share on sales of $2.08 billion. On a year-over-year basis, Onsemi earnings rose 21% while sales climbed 14%. For the current quarter, Onsemi predicted earnings of an adjusted $1.08 a share on sales of $1.92 billion. That’s based on the midpoint of its guidance. Wall Street had forecast earnings of $1.14 a share on sales of $2 billion for the first quarter. The company also announced a new $3 billion stock buyback plan. ON Stock Seesaws After Report The secular megatrends of electric vehicles, advanced driver-assistance systems, alternative energy and industrial automation drove Onsemi’s revenue growth in the fourth quarter, Chief Executive Hassane El-Khoury said in a news release . In morning trades on the stock market today , ON stock dropped as much as 4.2% before rebounding. In recent trades, it was […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
