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ON Semiconductor stock surges after record earnings that beat expectations, upbeat outlook

·1 min read
ON Semiconductor stock surges after record earnings that beat expectations, upbeat outlook
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Shares of ON Semiconductor Corp. shot up 8.2% in premarket trading Monday, after the chipmaker reported record adjusted profit and revenue that beat expectations and provided an upbeat outlook, citing accelerating demand in the automotive and industrial end markets. Net income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or roughly breakeven on a per-share basis, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to a record 63 c