ON Semiconductor Corporation: Can The Silicon Carbide Business Expansion Offset These Challenges?

Onsemi’s second quarter of 2024 showcased a mixed financial performance, marked by challenges in an inventory-heavy environment as well as significant strategic advancements. The company posted revenue of $1.74 billion, aligning with its guidance but representing a decline from the previous year. The non-GAAP gross margin stood at 45.3%, slightly down from previous quarters, attributed partially to underutilization due to softened demand.