American semiconductor company ON.US announced its third quarter performance. Quarterly net profit fell by 31% year-on-year to 0.402 billion US dollars, with diluted net profit per share of 93 cents for the quarter, adjusted to 99 cents, higher than the market's expected 97 cents. Quarterly revenue fell by 19% year-on-year to 1.762 billion US dollars, compared to the market's expected 1.75 billion US dollars.

Quarterly automotive market revenue fell by 18% year-on-year to 0.951 billion US dollars. The company's Chinese customers include Li Auto (02015.HK) (LI.US), BYD (01211.HK), and XPeng (09868.HK) (XPEV.US). The company mentioned that the revenue growth in China's business in the second half of the year was lower than expected, impacted by lower automotive demand.

The company forecasts fourth-quarter revenue to be between 1.71 billion and 1.81 billion US dollars, with a median of 1.76 billion US dollars, compared to the market's expected 1.77 billion US dollars.