ON Semiconductor announces first quarter financial results for fiscal year 2024, with revenue down 4.9% year-on-year

ON Semiconductor released its first quarter financial report for fiscal year 2024, which showed that its revenue for the quarter was US$1.86 billion, a year-on-year decline of 4.9%. Although the Non-GAAP gross profit margin was 45.9%, lower than 46.8% in the same period last year, the company's CEO Hassane El-Khoury said that thanks to the structural adjustments in the past three years, the company was able to maintain its gross profit margin in a severe market environment.