Onsemi forecasts Q2 revenue above analyst estimates
The chipmaker expects revenue up to $1.64 billion behind strong demand for electric vehicle chips. First quarter earnings also beat analyst expectations.
Onsemi forecast second-quarter revenue between $1.54 billion and $1.64 billion, exceeding LSEG estimates of $1.53 billion. The outlook reflects a recovery in automotive demand for silicon carbide chips used in electric vehicles. Investors are tracking whether the chipmaker has moved past a cyclical trough to sustain its 88% year-to-date share price rally.
### Automotive Recovery Drives Growth Onsemi CEO Hassane El-Khoury said demand strengthened throughout the first quarter, signaling the company has moved beyond a cyclical low. The forecast for second-quarter adjusted EPS ranges from 65 cents to 77 cents, surpassing the 65 cents expected by analysts.
