ON Semiconductor Corp

ON: XNAS (USA)
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Onsemi Earnings: Downturn Continues to Pressure Results, but We Retain Our Long-Term Optimism

Onsemi's first-quarter revenue declined 22% year over year and 16% sequentially to $1.45 billion, while non-GAAP gross margin compressed 530 basis points sequentially to 40%. Second-quarter guidance calls for flat revenue growth and 250 basis points of gross margin contraction, sequentially.

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