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Two accused teenagers to remain in custody for at least two more weeks | SaltWire #newsupdate #news - Chipmaker Onsemi beat Wall Street expectations for quarterly revenue and profit on Monday and reported a stable gross margin due to lowered costs, in the face of weakening electric vehicle sales.
However, the company forecast second-quarter revenue and profit below analysts' estimates, fanning concerns of a delay in the recovery of automotive chip demand as a softening EV market and excess inventory at customers are expected to hit orders for Onsemi's chips. The company, whose clients include European automaker Volkswagen reported first-quarter revenue of $1.86 billion, beating estimates of $1.85 billion, according to LSEG data.On an adjusted basis, the company earned $1.08 per share for the quarter ended March 29, compared with expectations of $1.04 per share.
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