Shares of semiconductor design and manufacturing company ON Semiconductor (NASDAQ: ON) have been on fire over the past year. Clearly, something is going right, because in the midst of a bear market, the stock is up 23% since the start of 2022 -- trouncing the iShares Semiconductor ETF 's 23% decline over that same period.
Onsemi handily beat its own expectations for the fourth quarter of 2022 as it continues to gain traction in the nascent electric vehicle (EV) and renewable energy industries. If you think greener cars and a more efficient energy grid will continue to pick up momentum over the next decade, Onsemi is a top stock to consider right now. Here's why.
Onsemi posted strong fourth-quarter (Q4) earnings results. Total revenue easily surpassed its own expectations and increased 14% year over year (management guided for 12% growth at the midpoint) to $2.1 billion. Especially impressive about this is that larger industrial chipmaking peers like Texas Instruments (NASDAQ: TXN) (3% decline in Q4 revenue) and NXP Semiconductors (NASDAQ: NXPI) (9% revenue growth) put in weaker performances in the final months of 2022.
For further details see:
Bullish on EVs and Renewable Energy? This Top Stock Is a Buy Right Now