ON Semiconductor, a provider of intelligent power and sensing solutions, reported a decrease in revenue and net income for the quarter ended June 28, 2024, compared to the same period in 2023. Revenue fell by approximately 17% year over year, from $2,094.4 million to $1,735.2 million, while net income dropped from $577.1 million to $338.4 million. The company attributed the decline primarily to decreased demand across automotive, industrial, and communications end-markets. Gross profit also saw a reduction, with a decrease in gross margin from 47.4% to 45.2%. Operating expenses increased, particularly in research and development, which rose by 8%. The company underwent a business realignment, resulting in the termination of approximately 1,000 employees and reassignment or relocation of around 300 others, incurring severance and related charges of $52.5 million and asset impairments of $18.8 million. Despite the downturn, ON Semiconductor repurchased 2.1 million shares for $150.1 million during the quarter. Looking forward, the company is focused on profitable revenue growth, maintaining stable gross margins, and investing in research and development to capitalize on high-growth megatrends in its focused markets of automotive and industrial infrastructure.

ON Semiconductor, a provider of intelligent power and sensing solutions, reported a decrease in revenue and net income for the quarter ended June 28, 2024, compared to the same period in 2023. Revenue fell by approximately 17% year over year, from $2,094.4 million to $1,735.2 million, while net income dropped from $577.1 million to $338.4 million. The company attributed the decline primarily to decreased demand across automotive, industrial, and communications end-markets. Gross profit also saw a reduction, with a decrease in gross margin from 47.4% to 45.2%. Operating expenses increased, particularly in research and development, which rose by 8%. The company underwent a business realignment, resulting in the termination of approximately 1,000 employees and reassignment or relocation of around 300 others, incurring severance and related charges of $52.5 million and asset impairments of $18.8 million. Despite the downturn, ON Semiconductor repurchased 2.1 million shares for $150.1 million during the quarter. Looking forward, the company is focused on profitable revenue growth, maintaining stable gross margins, and investing in research and development to capitalize on high-growth megatrends in its focused markets of automotive and industrial infrastructure.