These 10 Companies Led Monday’s Downturn

3. ON Semiconductor Corporation (NASDAQ:ON)

ON Semiconductor saw its share prices drop for a second consecutive day, losing another 8.21 percent on Monday to close at $47.04 apiece as investors sold off on news of lagging 2024 earnings performance.

In a statement released to the media, ON said attributable net income in the fourth quarter of 2024 declined by 5 percent to $379.9 million from the $401.7 million registered in the same period a year earlier, as revenues dropped by 14.6 percent to $1.7 billion from $2.018 billion year-on-year.

Meanwhile, attributable net income for the full year 2024 fell 27.9 percent to $1.57 billion from $2.18 billion in 2023, as revenues tumbled 14 percent to $7.08 billion from $8.25 billion.

Also adding to investor sentiment was the company’s conservative outlook for the year, with first-quarter revenues expected to settle between $1.35 billion and $1.45 billion, with earnings per share pegged at $0.42 to $0.52, saying the full year “remains uncertain” for the company.