Why Shares of ON Semiconductor Tumbled Today
Shares of ON Semiconductor (NASDAQ: ON) slumped on Monday following a mixed fourth-quarter report. Revenue was down but beat analyst expectations, while the bottom line fell short of estimates. The stock was down about 12% at 12:50 p.m. EST today.
ON Semi reported fourth-quarter revenue of $1.40 billion, down 7% year over year and $20 million above the average analyst estimate. The company said it saw improvements in business trends in the fourth quarter that continued into the first quarter.
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Source Fool.com
