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<p class="has-drop-cap">Shares of Onsemi (NADSAQ: $ON) fell more than 18% at the opening bell on Monday after the chipmaker <a aria-label="issued a downbeat outlook (opens in a new tab)" href="https://investor.onsemi.com/news-releases/news-release-details/onsemi-third-quarter-2023-results-exceed-expectations" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">issued a downbeat outlook</a> for Q4 2023. Even though the company posted positive Q3 results, investors jumped ship on the poor guidance, taking the broader market index to fresh lows.&nbsp;</p>
<h3 id="onsemi-s-q3-eps-and-revenue-beat-estimates">Onsemi’s Q3 EPS and Revenue Beat Estimates</h3>
<p>Onsemi, a US semiconductor supplier, reported better-than-expected earnings and revenue for Q3 2023 on Monday. However, the company offered a poor outlook for the current quarter, sending its shares tumbling by more than 18% at the market open to $67.98.</p>
<p>Notably, the chipmaker reported Q3 earnings per share (EPS) of $1.39, topping the consensus estimates of $1.34. Revenue came in at $2.18 billion, above the analysts’ expectations of $2.15 billion, though down 0.5% year-over-year.&nbsp;</p>
<p>Generally Accepted Accounting Principles (GAAP) and non-GAAP gross margin stood at 47.3% in the quarter, while GAAP and non-GAAP operating margin were 31.5% and 32.6%, respectively.&nbsp;</p>
<blockquote class="wp-block-quote">
 <p>“Our disciplined approach and execution resulted in another solid quarter, demonstrating the resilience in our business amid market softness.”</p> <cite>– Hassane El-Khoury, president and CEO of Onsemi.</cite>
</blockquote>
<p>Although the company beat estimates for top and bottom lines, investors were not delighted with the Q4 outlook. Onsemi expects adjusted EPS to be in the range of $1.13 to $1.27 in the fourth quarter, notably below the consensus projection of $1.36. Adjusted gross margin is estimated to range between 45.5% and 47.5%, compared to the analysts’ estimates of 47.1%.&nbsp;</p>
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<h3 id="semiconductor-market-index-lowest-since-may-2023">Semiconductor Market Index Lowest Since May 2023</h3>
<p>Onsemi’s latest quarterly report, along with previous disappointing earnings results from other semiconductor companies, have been weighing on the broader chip market.</p>
<p>Last week, The PHLX Semiconductor Sector – the market index that tracks the performance of the 30 biggest US-listed chipmakers – witnessed the worst one-day performance of the year after dropping 4% on October 25. The sell-off came following a Q3 report by Texas Instruments, considered an industry bellwether. The company offered a worse-than-anticipated forecast for Q4, citing waning industrial demand.&nbsp;</p>
<p>The PHLX’s decline continued this week, with the index dropping 1.13% on Monday to 3,190 – a level last seen in May. It lost more than 7.5% over the past month despite <a href="https://tokenist.com/intels-q3-earnings-show-chipmakers-turnaround-plans-are-working/" rel="noopener noreferrer nofollow" class="deco-link">positive results from Intel</a> and <a href="https://tokenist.com/micron-q4-earnings-beats-estimates-but-poor-guidance-drags-stock-price/" rel="noopener noreferrer nofollow" class="deco-link">Micron</a>.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think chip stocks will remain under pressure in the last months of 2023? Let us know in the comments below.&nbsp;<br></strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/onsemi-plunges-18-as-weak-guidance-overshadows-q3-earnings/">Onsemi Plunges 18% as Weak Guidance Overshadows Q3 Earnings</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Onsemi Plunges 18% as Weak Guidance Overshadows Q3 Earnings

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