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Onsemi forecasts upbeat revenue on surging AI data center chip demand
['Mon', 'August At Pm Gmt', 'Min Read']
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Aug 3 (Reuters) - Chipmaker Onsemi on Monday forecast third-quarter revenue above Wall Street expectations, betting on surging demand for power management chips used in AI data centers.
Here are some details:• Onsemi forecast its third-quarter revenue in the range of $1.65 billion to $1.75 billion, the midpoint of which is above analysts' average estimate of $1.67 billion, according to LSEG data.
• "AI data center remains our fastest-growing business and we now expect revenue to more than double in 2026, demonstrating the strength of our intelligent power portfolio and growing customer adoption across the power tree," CEO Hassane El-Khoury said.
• The company posted second-quarter revenue of $1.6 billion, in line with expectations of $1.59 billion.
• It expects third-quarter adjusted EPS in the range of $0.81 to $0.93, the midpoint of which is above estimates of $0.83.