ON Semiconductor to grow strongly in second quarter of 2021
ON Semiconductor's sales in the second quarter of 2021 are up 38 percent year-on-year. Structural changes and strong demand are the main drivers of this development, the semiconductor group reports.
In the second quarter of 2020, sales of 1.21 billion dollars (around 1.02 billion euros) and net income of -1.4 million dollars were on the books. No comparison, then, to the figures from the second quarter of this year: revenues of $1.67 billion dollars (up 38 percent year-on-year) and net income of $184 million. So the corona crisis seems to be over for the US semiconductor group.
In fact, ON Semiconductor hit the brakes on the cost side while benefiting from high demand, explained Hassane El-Khoury, president and CEO of ON Semiconductor. He adds: "We expect that the ongoing structural changes in the business should enable us to report strong results on a sustainable basis. While we are encouraged by our recent results, we will continue to transform the business to realize its full potential."
