ON Semiconductor Corporation announced that 2020 third quarter revenue was $1,317.3 million, down approximately 5% compared to 2019 third quarter revenue, while 2020 third quarter revenue was up approximately 9% as compared to 2020 second quarter revenue.
"We delivered strong third quarter results, driven by broad-based macroeconomic recovery and robust demand for our products. Our margins in the third quarter expanded significantly quarter over quarter due to the normalization of our operations following the initial impact of the COVID-19 pandemic and growth in our revenue. Gross margin expansion is the key strategic priority for the company, and we are making strong progress in optimizing our manufacturing footprint and qualifying our 300mm manufacturing processes," said Keith Jackson, president and CEO of ON Semiconductor.
"Fundamentals of our business remain strong with accelerating momentum in automotive, industrial, and cloud-power end-markets and strong operating leverage from revenue growth,” added Jackson.
"We expect to see above seasonal demand trends across most end-markets in the near term, as global business activity continues to normalize.”