ON Semiconductor (NASDAQ:ON) saw its shares surge over 13% intra-day today following the release of its impressive Q2 earnings, which exceeded market expectations. The company reported an EPS of $0.96, beating the Street forecast of $0.92. Revenue for the quarter reached $1.74 billion, slightly higher than the anticipated $1.73 billion.

The chipmaker reported an adjusted gross margin of 45.3%, slightly below last year's 47.4% but above the projected 45.2%. The adjusted operating margin for the quarter was 27.5%, a decrease from the previous year's 32.8% but still surpassing the estimated 26.8%.

Looking ahead to Q3/24, ON Semiconductor forecasts EPS between $0.91 and $1.03, compared to the Street estimate of $0.97. Revenue is expected to be in the range of $1.7 billion to $1.8 billion, with analysts having predicted $1.779 billion.

The company also projects an adjusted gross margin between 44.4% and 46.4%, while analysts had expected 45.4%.