Why ON Semiconductor Stock Just Jumped 14%

Shares of ON Semiconductor (NASDAQ: ON) are up a solid 14% in 11 a.m. EDT trading Monday after the semiconductor manufacturer crushed analyst expectations for Q2 earnings -- and didn't do half bad on sales, either. Expected to report a $0.49 pro forma profit on $1.62 billion in sales in fiscal Q2 2022, ON Semiconductor instead posted earnings of $0.63 per share on sales of $1.67 billion this morning. Actual earnings when calculated according to generally accepted accounting principles (GAAP) were only $0.42 per share -- but even this was a big improvement over Q2 last year, when ON Semiconductor broke even.