ON Semiconductor Exceeds Q2 Expectations and Forecasts Strong Q3 Revenue

ON Semiconductor (ON) reported better-than-expected second-quarter earnings, driven by strong sales of chips for automotive and industrial applications. Automotive chip sales rose 35% YoY, exceeding $1 billion, while industrial chip sales increased 5% to $609.3 million. ON Semiconductor raised its expectations for the current quarter, predicting adjusted earnings of $1.34 a share on sales of $2.15 billion. ON stock surged 4.5% in premarket trading following the report.