Analog chip maker ON Semiconductor (NASDAQ:) will report results tomorrow before the market opens. Here you can read what you should pay attention to.
ON Semiconductor met analyst revenue expectations last quarter, reporting revenue of $2.02 billion, down 4.1% year over year. It was a weaker quarter for the company, with disappointing revenue expectations for the next quarter and a rise in inventory levels.
Is ON Semiconductor a profitable buy or sell? Find out by reading the original article on StockStory, it’s free.
This quarter, analysts expect ON Semiconductor’s revenue to decline 5.6% year over year to $1.85 billion, a slowdown from flat revenue in the same quarter last year. Adjusted earnings are expected to be $1.05 per share.
The majority of analysts covering the company have reaffirmed their estimates over the last thirty days, suggesting they expect the company to continue its trajectory on the earnings front. ON Semiconductor has a history of exceeding Wall Street expectations, beating revenue expectations by an average of 2.2% each time over the past two years.
Looking at ON Semiconductor’s peers in the semiconductor segment, some have already reported their first quarter results, which gives us an idea of what to expect. Texas Instruments (NASDAQ:) revenue fell 16.4% year-over-year, beating analyst expectations by 1.4%, and Impinj reported a 10.6% decline in revenue, beating Wall Street’s consensus estimates by 4. 4% were exceeded. Texas Instruments rose 5.7% after the results, while Impinj also rose 28.8%.
Read the full analysis of Texas Instruments and Impinj results on StockStory.
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Growth stocks have been quite volatile in early 2024, and while some semiconductor stocks have done slightly better, they haven’t been spared, with the share price down 2.9% over the past month. ON Semiconductor is down 7.2% over the same period and is heading for gains with an average price target of $86 (compared to the stock price of $68.5).
