12 June 2023
onsemi selected for Nasdaq 100 Index
Power semiconductor IC supplier onsemi of Phoenix, AZ, USA is to be added to the Nasdaq 100 Index prior to market open on 20 June. The inclusion comes after two consecutive years of record results, tripling the firm’s market cap over the last 30 months. The company closed out 2022 with $8.3bn in revenue and with earnings growing 3x faster than revenue.
“Our addition to the prestigious Nasdaq-100 Index is a testament to the successful execution of our strategy over the last two years,” believes president & CEO Hassane El-Khoury. “We are leading with superior technology in our key end-markets of automotive and industrial, and we intend to deliver above-market revenue growth while maintaining our industry-leading financial performance.”
onsemi has been driving structural changes across the company while delivering intelligent power and sensing solutions for the high-growth megatrends in automotive and industrial. The firm is doubling down on its premium businesses to address the market opportunity with silicon carbide, silicon power, power ICs, image sensors and sensor interfaces. The company reckons that, with a proven strategy and committed revenue through long-term supply agreements, it is well positioned to further accelerate growth in the semiconductor industry.
As one of the world’s largest large-cap indexes, the Nasdaq-100 Index consists of the 100 largest non-financial companies listed on the Nasdaq Stock Market and acts as a benchmark for financial products such as options, futures and funds. It is heavily allocated towards top-performing industries such as technology, consumer goods and healthcare.
onsemi was previously added to the S&P 500 index in June 2022.