We recently published an article titled These 10 Companies Led Monday’s Downturn. In this article, we are going to take a look at where ON Semiconductor Corporation (NASDAQ:ON) stands against the other stocks.
Wall Street’s major indices kicked off the trading on a positive note, all finishing in the green territory, as investors brushed off fears of growing global trade tensions.
The Dow Jones rose by 0.38 percent, the S&P 500 grew 0.67 percent, while the Nasdaq rallied 0.98 percent.
However, 10 companies defied a broader market optimism, mostly due to a series of stock rating downgrades from investment research companies on the back of poor earnings guidance and dismal earnings performance.
To come up with Monday’s worst performers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A semiconductor engineer in a state-of-the-art laboratory, analyzing advanced semiconductor products.
ON Semiconductor Corporation (NASDAQ:ON)
ON Semiconductor Corporation saw its share prices drop for a second consecutive day, losing another 8.21 percent on Monday to close at $47.04 apiece as investors sold off on news of lagging 2024 earnings performance.
In a statement released to the media, ON said attributable net income in the fourth quarter of 2024 declined by 5 percent to $379.9 million from the $401.7 million registered in the same period a year earlier, as revenues dropped by 14.6 percent to $1.7 billion from $2.018 billion year-on-year.
Meanwhile, attributable net income for the full year 2024 fell 27.9 percent to $1.57 billion from $2.18 billion in 2023, as revenues tumbled 14 percent to $7.08 billion from $8.25 billion.
Also adding to investor sentiment was the company’s conservative outlook for the year, with first-quarter revenues expected to settle between $1.35 billion and $1.45 billion, with earnings per share pegged at $0.42 to $0.52, saying the full year “remains uncertain” for the company.
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This article is originally published at Insider Monkey.