.July 29, 2024 05:05:00 PM

ON Semiconductor (NASDAQ:ON) shares surged over 13% after reporting Q2 earnings that beat expectations. The company posted an EPS of $0.96, exceeding the forecasted $0.92, with revenue hitting $1.74 billion, slightly above the expected $1.73 billion. The adjusted gross margin was 45.3%, slightly lower than last year but above projections, while the adjusted operating margin was 27.5%, surpassing estimates.

For Q3/24, ON Semiconductor anticipates an EPS between $0.91 and $1.03, compared to the estimated $0.97, with revenue projected to be $1.7 billion to $1.8 billion, slightly below analysts’ prediction of $1.779 billion. The company also expects an adjusted gross margin between 44.4% and 46.4%, slightly lower than the anticipated 45.4%.