Chipmaker Onsemi forecasts quarterly revenue above estimates on resilient auto demand

May 4 (Reuters) - Onsemi ‌forecast second-quarter ​revenue ​above Wall Street expectations on Monday, betting on resilient demand for ‌its chips as the automotive industry recovers.

The ⁠forecast underscores the rebound in demand for Onsemi's silicon ‌carbide chips that ‌are critical for extending the range of electric vehicles.

"We exceeded expectations as demand strengthened ​through the quarter and we have moved beyond the cyclical trough on a ⁠path to recovery," said CEO Hassane El-Khoury.

• Shares of the company ​fell around 5% in extended trading after rising over 88% this year ​and over 64% last ‌month.

• Onsemi expects second-quarter revenue between $1.54 billion and $1.64 billion, compared with estimates ⁠of $1.53 billion, according to data compiled by LSEG.

• It forecast quarterly adjusted earnings per share (EPS) ⁠of between 65 cents and 77 cents, while analysts ​expect 65 cents.

• Revenue for the first quarter came in at $1.51 billion, beating estimates of $1.49 billion, but ‌down 1% compared with the previous quarter.

• On an adjusted basis, the ‌company earned 64 cents per share, compared ⁠with estimates of ‌a profit of ​60 cents per share.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Sahal ‌Muhammed)

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