Semiconductors are seen on a printed circuit board in this illustration picture taken February 17, 2023.
REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsOct 30 (Reuters) - Chipmaker Onsemi (ON.O) forecast fourth-quarter revenue and profit below market expectations on Monday, in a sign that slowing demand for electric vehicles was beginning to hurt orders for its chips from the automotive industry.
The company, whose clients include European automaker Volkswagen (VOWG_p.DE), forecast revenue in the range of $1.95 billion to $2.05 billion, compared to analysts' average estimate of $2.18 billion, according to LSEG data.
Onsemi forecast its fourth-quarter adjusted diluted earnings per share in the range of $1.13 to $1.27, below analysts' average estimate of $1.36.
Its third-quarter revenue of $2.18 billion inched past expectations of $2.15 billion.
Persons:
Florence Lo, Elon Musk, Juby Babu, Arun Koyyur
Organizations:
REUTERS, Volkswagen, Thomson
Locations:
Arizona, Bengaluru