ON Semiconductor (ON.US) Q2 Revenue Surpasses Expectations but Down 15.5% YoY; Stock Price Falls Nearly 5%
It has been learned by Zhong Tong Finance APP that ON Semiconductor (ON.US) released its second-quarter financial report before the market opened on August 4, Eastern Time. The data shows that Q2 revenue was $14.7 billion, exceeding market average expectations, but down 15.5% year-over-year; non-GAAP adjusted earnings per share were $0.53, consistent with market average expectations.
In addition, the company's second-quarter gross margin was 37.6%, operating cash flow was $1.843 billion, and free cash flow was $1.061 billion.
Looking ahead, the company expects its third-quarter revenue to be within a range of $14.7 billion to $15.7 billion, and earnings per share to be between $0.54 and $0.64.
ON Semiconductor President and CEO Hassane El-Houry stated: "Our continuous transformation is bringing a more predictable business model, which reflects our strategic strength and commitment to creating long-term value. We're starting to see stable signs in the terminal market, and we're still in a favorable position, with the potential to benefit from market recovery."
While executing short-term priorities, we are investing in next-generation technologies to lay the foundation for the company's long-term growth, accelerating our leadership in the market.
As of the time of publication, ON Semiconductor has fallen nearly 5%.