ON Semiconductor to lay off 475 workers to cut costs [MarketWatch]
ON Semiconductor Corporation (ON)
Last on semiconductor corporation earnings: 2/3 06:00 am
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Source: MarketWatch
ON Semiconductor Corp. said late Thursday it was laying off 475 employees as part of a cost-savings measure. The chip maker, which employs nearly 35,000 people worldwide, said the "targeted cost reductions are structural in nature and are not expected to impact the Company's ability to respond to a significant recovery in demand." Severance costs are expected to be $43 million to $47 million over the first and second quarters with the reductions saving about $65 million to $70 million a year. ON shares rose 2% after hours, following flat trade during the regular session to close at $13.73.
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News
- ON Semiconductor Corporation (NASDAQ:ON) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Onsemi (NASDAQ: ON) had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $90.00 to $85.00. They now have a "buy" rating on the stock.MarketBeat
- Onsemi (NASDAQ: ON) had its price target lowered by analysts at Truist Financial Co. from $89.00 to $85.00. They now have a "buy" rating on the stock.MarketBeat
- Onsemi (NASDAQ: ON) had its price target lowered by analysts at KeyCorp from $100.00 to $90.00. They now have an "overweight" rating on the stock.MarketBeat
- Onsemi (NASDAQ: ON) had its price target lowered by analysts at Benchmark Co. from $88.00 to $80.00. They now have a "buy" rating on the stock.MarketBeat
ON
Earnings
- 4/29/24 - Beat
ON
Sec Filings
- 4/29/24 - Form 10-Q
- 4/29/24 - Form 8-K
- 4/23/24 - Form 4
- ON's page on the SEC website