ON Semiconductor Reports Strong Q3 Sales, Disappoints with Quarterly Guidance

ON Semiconductor reported Q3 FY2023 results that beat analysts' expectations with flat year-on-year revenue of $2.18 billion. However, the company's revenue guidance for the next quarter fell short of estimates, coming in at $2 billion. ON Semiconductor's inventory levels have increased, with inventory days outstanding at 165, above its five-year average. The company's revenue growth has been mediocre over the past three years, and this quarter saw a decline of 0.54% year-on-year. Despite the mixed results, ON Semiconductor has a strong financial position and resources to pursue growth opportunities.