Onsemi Stock Tumbles as Quarterly Revenue Falls Short of Expectations
Onsemi shares fell today after the chipmaker missed revenue estimates due to an inventory glut. Slow EV sales and competition continue to impact the firm.
Insights:
ON Semiconductor Corporation reported fourth-quarter revenue of $1.53 billion on Monday, representing an 11% year-over-year decline that missed Wall Street estimates. Following the announcement, the company’s shares fell nearly 6% in extended trading as investors reacted to the revenue miss and a cautious outlook for the start of the new year.
The company provided first-quarter revenue guidance with a midpoint that is below analysts' estimates, according to data from LSEG. This forecast underscores the continued near-term pressure on its semiconductor businesses as the industry grapples with shifting demand and macroeconomic challenges.
