ON Semiconductor shares rose in after-hours trading following second-quarter results that beat Wall Street estimates.
The company reported adjusted earnings of $0.74 per share.
Quarterly revenue reached $1.6 billion.
Analysts previously projected earnings of $0.71 per share.
Consensus revenue estimates stood at $1.59 billion.
Third-quarter revenue guidance ranges from $1.65 billion to $1.75 billion.
This outlook exceeds the analyst consensus of $1.67 billion.
CEO Hassane El-Khoury cited rising demand for AI-driven applications as the primary growth driver.
The company expects its AI data center business to more than double its revenue by 2026.