Chipmaker Onsemi forecast fourth-quarter revenue and profit below market expectations on Monday, in a sign that slowing demand for electric vehicles was beginning to hurt orders for its chips from the automotive industry.Its shares fell 4.
FILE PHOTO: Semiconductors are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File PhotoChipmaker Onsemi forecast fourth-quarter revenue and profit below market expectations on Monday, in a sign that slowing demand for electric vehicles was beginning to hurt orders for its chips from the automotive industry.
The company, whose clients include European automaker Volkswagen, forecast revenue in the range of $1.95 billion to $2.05 billion, compared to analysts' average estimate of $2.18 billion, according to LSEG data. Onsemi forecast its fourth-quarter adjusted diluted earnings per share in the range of $1.13 to $1.27, below analysts' average estimate of $1.36.