Market Updates
U.S. Movers: On Semiconductor, Upwork
Scott Peters
10 Feb, 2026
New York City
On Semiconductor Corp. decreased 4.5% to $62.11 after the advanced chipmaker reported mixed fourth-quarter results.
Revenue decreased to $1.5 billion from $1.7 billion, net income attributable to shareholders fell to $181.8 million from $379.9 million, and diluted earnings per share eased to 45 cents from 88 cents a year ago.
The company announced a new share repurchase program of up to $6 billion over the next three years and established a new collaboration agreement with GlobalFoundries to develop and manufacture next-generation gallium nitride (GaN) power devices, beginning with 650 volts.
On Semiconductor estimated first-quarter revenue to range between $1.44 billion and $1.54 billion and diluted earnings per share between 28 cents and 38 cents.
Upwork Inc. plunged 24% to $14.16 after the freelance platform operator reported a sharp decline in active clients at the end of 2025 and offered a weak revenue outlook for the current quarter.
Revenue increased 4% to $198.4 million from $119.1 million, net income plunged to $15.6 million from $147.2 million, and diluted earnings per share dropped to 12 cents from $1.03 a year ago.
The income tax benefit of $128.8 million in the fourth quarter of 2024 swung to a provision of $18.4 million in the corresponding period in 2025, which sharply impacted the net income in the final quarter of 2025.
Active clients at the end of 2025 decreased to 785,000 from 832,000, and gross sales value increased 7% to $5,129 from the same period a year ago, respectively.
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