ON Semi, a leader in intelligent power and sensing technology, surpassed $2 billion for the first time in the second quarter of 2022, driven by growing demand for automotive and industrial semiconductors.

Onsemi announced its second-quarter 2022 earnings on the 2nd.

According to this, sales recorded $2.085 billion, a 25% increase compared to the same period last year.

"Onsemi CEO Hassane El-Khoury said, 'Onsemi continues to achieve record revenue performance through its ability to execute business innovation, with revenue increasing 25% year-over-year in the second quarter of 2022 and non-GAAP gross profit rising 1,130 basis points to 49.7%. These financial results demonstrate our momentum in the industry and the differentiation of our intelligent power and sensing solutions.'"

In addition, stating, “Through our leadership in accelerating megatrends in vehicle electrification, ADAS, energy infrastructure, and factory automation, we have extended long-term supply contracts and enhanced demand visibility,” they added, “While we are optimistic about ON Semi’s outlook, at the same time, dynamic “We are responsive to market conditions. Over the past 18 months, we have implemented structural changes to reduce financial volatility and have established ourselves as a company capable of responding more resiliently to all business environments,” he said.