Onsemi provides chip market with upside surprise
Power and mixed-signal IC vendor Semiconductor Components Industries LLC (Phoenix, Arizona), which trades as Onsemi, has announced better than expected 2Q22 results.
Onsemi also lifted its forecast for the third quarter.
The company made a net profit of $455.8 million on revenue of $2.085 billion, up 25 percent on the same quarter a year before. The profit was 2.5 times that of a year before.
“These financial results validate our momentum in the market and the differentiation of our intelligent power and sensing solutions,” said Hassane El-Khoury, CEO of Onsemi, in a statement. “Our leadership in the accelerating megatrends of vehicle electrification, ADAS, energy infrastructure and factory automation have enabled us to extend long-term supply agreements and increase demand visibility,” he added.
Forecast
The company predicted a 3Q22 revenue of between $2.07 and $2.17 billion.
El-Khoury said: “While we are optimistic about our outlook, we remain sensitive to dynamic market conditions. The structural changes we implemented over the past 18 months have reduced the volatility in our financials, and we have positioned the company to be more resilient in all business environments.”
The chip market is starting to experience some softness but this starting mainly in the consumer electronics markets, where Onsemi is not so heavily exposed.
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