ON Semiconductor Surges Despite Soft Q1 Guidance

ON Semiconductor's stock is rising despite reporting lackluster Q1 guidance and year-over-year revenue declines in its fourth-quarter earnings results, with earnings per share of $1.25 from sales of $2 billion. The company, which makes power and sensor chips for automotive and industrial markets, is facing a pullback in demand despite benefiting from the push for electrification and sustainable safety grids. The stock surged more than 8% following the report, with analysts noting that the performance reflects the expectations game with earnings.