Shares of semiconductor companies, including Advanced Micro Devices, Inc. (NASDAQ:AMD), are trading higher in sympathy with ON Semiconductor Corp (NASDAQ:ON), which reported better-than-expected quarterly earnings and issued strong guidance. Strong earnings from QUALCOMM, Inc. (NASDAQ:QCOM) last week have also helped lift sector sentiment.
ON Semiconductor reported quarterly earnings of $1.22 per share which beat the analyst consensus estimate of $1.05. The company also reported quarterly sales of $1.95 billion which beat the analyst consensus estimate of $1.90 billion by 2%.
ON Semiconductor sees second-quarter adjusted EPS as low as $1.20 or as high as $1.22, higher than the analyst consensus estimate of $1.05. The company also sees second-quarter sales as low as $1.965 billion or as high as $2.065 billion, higher than the analyst consensus estimate of $1.92 billion.
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AMD designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.
According to data from Benzinga Pro, AMD has a 52-week high of $164.46 and a 52-week low of $72.50.
