On Semiconductor Corp. (NASDAQ:ON) reported first-quarter results after Monday’s closing bell, beating estimates across the board.
Here’s a look at the details inside the report.
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On Semi Q1 Details
On Semiconductor reported quarterly earnings of 64 cents per share, which beat the analyst estimate of 60 cents by 6.67%.
Quarterly revenue came in at $1.51 billion, which beat the analyst consensus estimate of $1.49 billion, according to Benzinga Pro data.
“AI data center revenue more than doubled year-over-year due to broader adoption across the power tree with multiple chip vendors and leading hyperscalers,” On wrote in its earnings release.
CEO Hassane El‑Khoury said: “We exceeded expectations as demand strengthened through the quarter and we have moved beyond the cyclical trough on a path to recovery. Our AI data center business accelerated, growing more than 30% sequentially.”
Looking Ahead for On
ON Semiconductor is looking for second-quarter adjusted EPS of 65 cents to 77 cents, versus 65 cents analyst estimate, and sees sales of $1.535 billion-$1.635 billion versus $1.526 billion analyst estimate.
ON Stock Price: According to data from Benzinga Pro, On Semi stock was down 4.41% to $97.54 in Monday’s extended trading.
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