ON Semiconductor stock ticks higher on earnings beat
ON Semiconductor Corp. shares ticked higher in the extended session Friday after the chip maker’s earnings topped Wall Street estimates. ON shares rose 0.9% after hours, following a 3.8% gain to close the regular session at $20.80. The company reported fourth-quarter net income of $165.6 million, or 39 cents a share, compared with $529.9 million, or $1.22 a share, in the year-ago period. Adjusted earnings were 53 cents a share. Revenue rose to $1.5 billion from $1.38 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 47 cents a share on revenue of $1.5 billion. For the first quarter, ON expects revenue of $1.37 billion to $1.42 billion, while analysts had forecast on revenue of $1.45 billion.
Source : MTV
