ON Semiconductor Surpasses Q2 Expectations, Shares Surge

Better-than-expected earnings and revenue drive stock up 11.5%, bolstered by strong automotive sector performance.

Q2 revenue reached $1.74 billion, slightly above the $1.73 billion consensus estimate.
Adjusted EPS of $0.96 exceeded the expected $0.92 per share.
Analysts raised price targets following the positive earnings report.
The company secured a significant supply agreement with Volkswagen for EV chips.
ON Semiconductor's Q3 revenue and EPS forecasts align with market expectations.