Onsemi posts record automotive revenue
Onsemi has announced its Q4 and fiscal year 2023 results, which included record full year automotive revenue of $4.3 billion, with 29 percent increase year-over-year.
Q4 highlights include revenue of $2,018.1 million; Q4 GAAP and non-GAAP gross margin of 46.7 percent; GAAP operating margin and non-GAAP operating margin of 30.3 percent and 31.6 percent, respectively.
“Our momentum continued this past year as we achieved record automotive revenue and 4x year-over-year growth in SiC revenue. We continue to transform the business by building resilience into our model, enabling us to navigate uncertain market conditions and deliver more predictable and sustainable results,” said Hassane El-Khoury, president and CEO of Onsemi.
He added: “Our consistent performance has validated our long-term strategy. Looking ahead, we are driving innovation beyond silicon and SiC with our upcoming analogue and mixed signal platform to further our leadership in intelligent power and sensing solutions.”
