Summary by Moomoo AI
ON Semiconductor Corporation, known as onsemi, reported its financial results for the second quarter ended June 28, 2024, on July 29, 2024. The company announced a revenue of $1,735.2 million with GAAP and non-GAAP gross margins of 45.2% and 45.3%, respectively. Operating margins were reported at 22.4% for GAAP and 27.5% for non-GAAP. Diluted earnings per share were $0.78 for GAAP and $0.96 for non-GAAP. The company also highlighted a significant year-over-year increase in free cash flow of approximately $250 million and a return of about $650 million to shareholders through stock repurchases over the last twelve months. President and CEO Hassane El-Khoury emphasized onsemi's growth strategies, including market share gains, strategic investments, and portfolio expansion with analog and mixed-signal solutions. The company also noted...Show More
