What Happened With ON Earnings?
ON Semiconductor beat revenue expectations in third-quarter FY23 with $2.18 billion, down 0.5% YoY. Adjusted gross and operating margins decreased by 200 and 280 basis points, respectively.
ON Semiconductor generated $133.6 million in free cash flow and held $2.68 billion in cash and equivalents...Read More
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Why This Matters To ADI Investors
The fact that ON Semiconductor reported a year-on-year revenue decline of 0.5% for the quarter might raise concerns about the overall health of the semiconductor industry. Investors might worry that a broader decline in the industry could impact ADI's revenue as well.
ON Semiconductor's adjusted gross margin and operating margin both declined. If investors view these margin declines as a sign of industry-wide challenges, they might become more cautious about investing in semiconductor companies, including ADI. This caution can lead to a decrease in ADI's stock price.
According to data from Benzinga Pro, Analog Devices has a 52-week high of $200.10 and a 52-week low of $137.79.
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