ON Semiconductor Corp. (ON) Shows Progress but Falls Short of Broader Market Gains

2 min read | September 23, 2024 05:17 PM PDT | By Team Kalkine Media

ON Semiconductor Corp. (ON) Shows Progress but Falls Short of Broader Market Gains

Headlines

ON Semiconductor Corp. shares rose slightly by 0.24% but underperformed compared to the S&P 500's daily gain.
Over the past month, ON has seen a decline of 8.89%, in contrast to the sector and market performance.
Earnings and revenue forecasts indicate declines in the upcoming quarter and fiscal year.

ON Semiconductor Corp. (NASDAQ:ON) experienced modest growth during the last trading session, but it trailed behind broader market benchmarks. Recent trends reveal challenges as the company's stock has dropped over the past month. With key earnings reports on the horizon, market participants will be watching closely for performance insights.

ON Semiconductor Corp. (ON) closed its latest trading session at $69.74, reflecting a slight increase of 0.24% compared to the previous day’s close. Despite this positive movement, the company’s performance lagged behind the S&P 500, which gained 0.28% on the same day. The Dow saw a 0.15% rise, while the Nasdaq also added 0.15%.

Over the last month, ON Semiconductor has seen its stock decline by 8.89%, significantly underperforming the broader Computer and Technology sector, which experienced a minor 0.02% loss. During the same period, the S&P 500 managed to achieve a 2% gain, further highlighting the disparity.

Looking ahead, attention is focused on ON Semiconductor's upcoming earnings release. The company is anticipated to report earnings per share (EPS) of $0.97, which would represent a decrease of 30.22% from the same quarter last year. Additionally, revenue is expected to come in at $1.75 billion, marking a 19.77% drop compared to the prior-year quarter.

For the full fiscal year, projections estimate earnings of $4.01 per share and total revenue of $7.13 billion. These figures represent decreases of 22.29% and 13.6%, respectively, when compared to last year’s performance.

While ON Semiconductor has shown some positive movement, its overall performance lags behind sector and market benchmarks, with upcoming earnings reports likely to provide more insight into future trends.

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