ON Semiconductor reported Q2 2024 revenue of $1.74 billion, down 17% year-over-year from $2.09 billion, while net income declined 41% to $338.2 million. Gross margin contracted to 45.2% from 47.4% in Q2 2023, primarily due to lower volumes and unfavorable product mix. The company maintained strong cash position with $2.7 billion in cash and short-term investments.The company announced a business realignment affecting approximately 1,300 employees, with 1,000 positions eliminated and 300 employees reassigned or relocated. This restructuring resulted in $71.3 million in charges during Q2 as part of the company's "Fab Right" manufacturing strategy to optimize its global footprint and improve operational efficiency.Looking ahead, ON Semiconductor expects capital expenditures to be 9-11% of revenue for the remainder of 2024. The company continues its share repurchase program with $2.2 billion remaining authorization through December 2025, having repurchased 2.1 million shares for $150 million during Q2 2024.

ON Semiconductor reported Q2 2024 revenue of $1.74 billion, down 17% year-over-year from $2.09 billion, while net income declined 41% to $338.2 million. Gross margin contracted to 45.2% from 47.4% in Q2 2023, primarily due to lower volumes and unfavorable product mix. The company maintained strong cash position with $2.7 billion in cash and short-term investments.The company announced a business realignment affecting approximately 1,300 employees, with 1,000 positions eliminated and 300 employees reassigned or relocated. This restructuring resulted in $71.3 million in charges during Q2 as part of the company's "Fab Right" manufacturing strategy to optimize its global footprint and improve operational efficiency.Looking ahead, ON Semiconductor expects capital expenditures to be 9-11% of revenue for the remainder of 2024. The company continues its share repurchase program with $2.2 billion remaining authorization through December 2025, having repurchased 2.1 million shares for $150 million during Q2 2024.