ON Semiconductor Corp (NASDAQ:ON), on Monday, reported upbeat earnings for its third quarter, but issued weak fourth-quarter guidance.

ON Semiconductor reported a third-quarter FY23 revenue decline of 0.5% year-on-year to $2.18 billion, beating the consensus of $2.15 billion. The company’s adjusted EPS of $1.39 beat the consensus of $1.34.

ON Semiconductor expects fourth-quarter adjusted revenue of $1.95 billion - $2.05 billion, below the consensus of $2.18 billion. The company sees non-GAAP EPS of $1.13 - $1.27 versus the consensus of $1.36.

ON Semiconductor shares rose 0.7% to trade at $261.95 on Tuesday.

These analysts made changes to their price targets on ON Semiconductor following earnings announcement.

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