The semiconductor solutions provider onsemi recently released its Q1 results for 2024, showcasing a strong performance that exceeded market predictions. Succeeding in maintaining high gross margins, the company reported a revenue of $1,862.7 million and earnings per share (EPS) of $1.08, higher than the expected $1.04 EPS and $1.85 billion revenue. This substantial growth indicates onsemi's efficient operational strategies and investments in key growth areas.

Moreover, onsemi plans to maintain this momentum in the upcoming quarter, with revenue forecasts for Q2 ranging between $1.68 billion and $1.78 billion. Gross margin expectations fall between 44.1% and 46.1% on a GAAP basis and 44.2% to 46.2% on a non-GAAP basis. Operating expenses are projected to be in the range of $313 million to $342 million, with diluted EPS estimates between $0.82 to $0.94 on a GAAP basis and $0.86 to $0.98 on a non-GAAP basis. This positive outlook suggests that onsemi is positioned for continued growth and financial success.