Thursday, March 28, 2024

Creating liberating content

Oracle Corp’s (NYSE: ORCL)...

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15%...

RTX Corp (NYSE: RTX)...

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03...

GameStop Corp. (NYSE:GME) Quarter...

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after...

Advanced Micro Devices (NASDAQ:AMD)...

Shares of Advanced Micro Devices (NASDAQ:AMD) drops 0.38% in afterhours in last trading...
HomeTech InsidesOnsemi (NASDAQ: ON)...

Onsemi (NASDAQ: ON) Approves New Share Repurchase Program with Authority To Repurchase Up To $3B

Onsemi (NASDAQ:ON) has released its fourth-quarter and fiscal-year 2022 results. Revenue of $2,103.6 million increased 14% year on year in the fourth quarter. Fourth-quarter GAAP gross margin of 48.5% increased by 343 basis points year on year, while non-GAAP gross margin of 48.4% increased by 321 basis points year on year.

Hassane El-Khoury, President and CEO of onsemi, stated that they delivered outstanding results in 2022 as they continue their disciplined execution and transformation. Revenue increased by 24% in 2022, non-GAAP gross margin increased by 880 basis points, and non-GAAP operating income increased four times faster than revenue due to their focus on the long-term megatrends of electric vehicles, ADAS, alternative energy, and industrial automation. They are focused on our key strategic initiatives, such as increasing silicon carbide production to support their long-term supply agreements. Despite current macroeconomic uncertainty, their business’s long-term outlook remains positive, with a 38% year-over-year increase in their design win funnel.

The company also announced that its Board of Directors has approved a new share repurchase program with the authority to repurchase up to $3 billion in common stock through December 31, 2025.

“To create long-term value for our shareholders, we are committed to a balanced capital allocation strategy. The Board of Directors and leadership team are pleased to announce a new $3 billion share repurchase authorization, demonstrating their confidence in our strategy to invest for long-term profitable growth. We have increased flexibility with a repurchase authorization twice the size of the previous authorization, which expired on December 31, 2022, as a result of a three-fold increase in free cash flow generation since the start of our transformation journey “said Thad Trent, Executive Vice President and Chief Financial Officer of onsemi.

Onsemi may repurchase shares from time to time through open market purchases, privately negotiated transactions, or other means, including through the use of trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended in accordance with applicable securities laws and other restrictions, under the new share repurchase program. The timing and total amount of share repurchases will be determined by business, economic, and market conditions, corporate and regulatory requirements, stock prices at the time, and other factors. The authorization expires on December 31, 2025, is subject to suspension or termination at any time, and does not obligate the company to acquire any amount of common stock.

 

Oracle Corp’s (NYSE: ORCL) Cloud Business Faces Headwinds: What Lies Ahead

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15% or $15.21 to trade at $111.50 in pre trading session on...

RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company,...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading...

Continue reading

Credit Suisse Group AG (NYSE: CS) Is Marketing Its First Boston Investment Banking Unit

Credit Suisse Group AG (NYSE: CS) rose over 0.49% in pre trading session on Tuesday as the firm is marketing its First Boston investment banking unit to investors as a "super boutique," with revenue expected to rise to as...

NextNav Inc. (NASDAQ: NN) And STMicroelectronics (NYSE: STM) Joins Hand with Joined NextNav Certified Barometer Program

STMicroelectronics (NYSE: STM) has joined the NextNav Certified barometer program, according to NextNav Inc. (NASDAQ: NN).NextNav Certified, which will be available in 2021, validates sensor performance in real-world operating scenarios by establishing standardized measurement benchmarks based on independent performance...

IBM (NYSE: IBM) Joins Hand with NASA for AI Utilization On Impact Of Climate Change

IBM (NYSE: IBM) inches down in pre trading session on Thursday as the firm announced with NASA's Marshall Space Flight Center a cooperation to identify new insights in NASA's huge repository of Earth and geospatial scientific data using IBM's...

Enjoy exclusive access to all of our content

Get an online subscription and you can unlock any article you come across.