Onsemi Revenue Tanks 11% as Chip Slump Continues
Semiconductor giant posts declining sales across its two biggest units, sending shares tumbling after hours.
Onsemi just dropped some rough numbers. Q4 revenue hit $1.53 billion, down 11% from last year and barely missing analyst expectations of $1.54 billion.
The semiconductor company's two largest business units both posted sales declines. Not exactly the comeback story investors were hoping for.
Profit came in at $181.8 million. Respectable, sure, but not enough to calm the markets.
Shares dropped more than 4% in after-hours trading. Wall Street isn't feeling patient with chipmakers these days.
Onsemi supplies semiconductors for automotive, industrial, and power applications. The company's been riding the EV wave, but even that tailwind couldn't offset broader weakness.
The chip industry's boom-bust cycle strikes again. When your biggest revenue drivers are both shrinking, there's only so much spin you can put on it.