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ON Semiconductor's first quarter silicon carbide revenue up nearly 100 percent sequentially

Update time : 2023-05-04 14:59:14

May 2, the U.S. chip maker ON Semiconductor announced better-than-market expectations for its first quarter (January-March) 2023 earnings after the bell on Monday (May 1).

ON Semiconductor's first quarter revenue was US$1.96 billion, a slight increase of 0.76% compared to US$1.945 billion in the same period last year, better than analysts' general expectations of US$1.92 billion; net profit was US$462 million, down 12.96% year-on-year; adjusted non-GAAP earnings per share reached US$1.19, down from 1.22, but above the $1.08 widely expected by analysts.
Hassane El-Khoury, CEO of ON Semiconductor, said via an earnings press release that the first quarter results were ahead of expectations, even with the uncertain global economic environment. In particular, silicon carbide-related revenue nearly doubled sequentially, mainly due to production exceeding previous internal plans, while ADAS and energy infrastructure business revenue also grew at a year-over-year rate of 50%.
Looking ahead to the second quarter (April-June), ON Semiconductor expects revenue for the quarter to reach US$1.975-2.075 billion (better than market expectations of US$1.93 billion) and Non-GAAP earnings per share to be in the range of US$1.14-1.28 (better than market expectations of US$1.06).

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