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BREAKING:

HONDA TO SET UP $15B EV PRODUCTION BASE IN CANADA

Automaker to get up to $5B in government assistance for EV battery, assembly plants

Onsemi stock rises on Q1 earnings beat, better than expected earnings outlook

Yahoo Finance

Yahoo Finance Live anchors Brad Smith and Diane King Hall break down the rise in stock for semiconductor manufacturing company Onsemi following first-quarter earnings.

Video Transcript

BRAD SMITH: Taking a look at on semiconductor, you're seeing shares up by about 4 and 1/4% right now. A few of the things to note from this most-- of this most recent quarter here that really jumped out to me. Number one, the company, they saw revenue of about 1.9-- $1.95 billion. That is an increase of about 1% year-over-year.

They auto mention-- they also mentioned here that automotive revenue grew, 38% year-over-year. That's a record 50% of their total revenue.

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DIANE KING HALL: I mean, it just goes to what we were just talking about with regard to vehicles. Vehicles rely more on chips, and not just EVs. Like, nowadays, if you're buying a newer vehicle, there's going to be more technology involved with it so the semiconductor space benefits from that. Hence ON being on today, you know?

BRAD SMITH: Yeah.

DIANE KING HALL: So not surprised that there's some strength there with regard to that. And we just saw a pickup in the auto sector. It started during the pandemic and it just continues with regard to that sector, and the auto sector being the beneficiary of that. I'm sure we'll see more-- we'll have more insight when Ford reports this week, as well.

BRAD SMITH: Yeah. I'm not gonna act like a scientist or chemist with this one. But if there are any investors that are looking at ON, there's a term that you might hear or at least a compound that you might hear a little bit more about. That's a scientific as I get. Going forward from here, they said, that they're "accelerating their silicon carbide manufacturing output," exceeding some of their internal plans right now and enabling them to nearly double their silicon carbide revenue quarter-over-quarter there. So silicon carbide--

DIANE KING HALL: I'm not a scientist--

BRAD SMITH: --for the win.

DIANE KING HALL: --either. I'm like, I don't even-- I don't know.

BRAD SMITH: That's why we leave that to them. That's why we're here.

DIANE KING HALL: Yes, exactly. [LAUGHS]

BRAD SMITH: We get to talk about it day in and day out.

DIANE KING HALL: We'll just talk about the stock.

BRAD SMITH: Exactly.

DIANE KING HALL: [LAUGHS]