(RTTNews) - Semiconductor company onsemi (ON) Monday reported first-quarter results, with loss narrowing from last year as higher revenue and improving demand helped offset higher restructuring costs.
Revenue for the quarter rose to $1.51 billion from $1.45 billion in the same period last year.
The company reported a net loss of $33.4 million, or $0.08 per share, compared with a loss of $486.1 million, or $1.15 per share, a year ago. On a non-GAAP basis, earnings increased to $253.1 million, or $0.64 per share, from $231.6 million, or $0.55 per share in the prior-year period.
Looking ahead, onsemi expects second-quarter revenue of $1.54 billion to $1.64 billion and adjusted earnings per share of $0.65 to $0.77.
"We exceeded expectations as demand strengthened through the quarter and we have moved beyond the cyclical trough on a path to recovery. Our AI data center business accelerated, growing more than 30% sequentially." said Hassane El-Khoury, President and CEO of onsemi.
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