onsemi Stock Sees Premarket Drop of 5.1% Following Q4 2024 Results

onsemi's stock (view more here) is experiencing a notable decline in premarket trading, down 5.1% or $2.60, bringing the current price to $48.65. This drop follows the company's recent announcement of its fourth quarter and full year 2024 financial results.

In the fourth quarter, onsemi reported a revenue of $1,722.5 million, which marks a decrease from $2,018.1 million in the same quarter of the previous year. This significant drop in revenue is indicative of the challenges the company is facing in the current market environment.

Moreover, the company's GAAP diluted earnings per share for the fourth quarter stood at $0.88, down from $1.28 in Q4 2023. The full year 2024 also saw a decline in net income attributable to onsemi, which was reported at $1,572.8 million compared to $2,183.7 million in 2023.

Hassane El-Khoury, president and CEO of onsemi, stated, "As we continue to navigate this market downturn, our actions over the last four years have proven we are a structurally different company that is well-equipped to navigate prolonged volatility." He emphasized the company's commitment to maintaining financial discipline and streamlining operations to adapt to ongoing market challenges.

Investors are closely monitoring onsemi's performance as the company anticipates a challenging year ahead. The outlook for the first quarter of 2025 projects revenue between $1,350 to $1,450 million, with diluted earnings per share expected to range from $0.42 to $0.52.

The significant premarket price change reflects investor sentiment in response to these results, as they assess the company's ability to recover and grow in a volatile market.