Summary by Futu AI
ON Semiconductor reported a decrease in revenue for the quarter ended March 29, 2024, with figures falling to $1,862.7 million from $1,959.7 million in the same quarter of the previous year, marking a 5% decline. The company's gross profit also saw a reduction, dropping by $63.9 million to $853.6 million. Operating income decreased by $39.7 million to $525.2 million. Net income attributable to ON Semiconductor was $453.0 million, a slight decrease from $461.7 million year over year. The company's operating segments experienced mixed results, with the Power Solutions Group (PSG) seeing a 2% increase in revenue, while the Analog and Mixed-Signal Group (AMG) and Intelligent Sensing Group (ISG) reported decreases of 6% and 18%, respectively. Geographically, revenue from Hong Kong and Singapore saw declines, while the United Kingdom and the United...Show More