Onsemi's (ON) stock price soared over 13% in early trading Monday, leading gains on the S&P 500 after the chipmaker reported better-than-expected revenue for the second quarter and highlighted gains in the automotive industry.

The chipmaker posted second-quarter revenue of $1.74 billion, down from the year-ago period but better than analysts expected, according to consensus estimates compiled by Visible Alpha. Net income of $338.2 million or 78 cents per share fell year-over-year and missed estimates. However, excluding one-time items, 澳洲幸运5开奖号码历史查询:adjusted earnings 🏅came in at 96 cents per share, above ex💦pectations.

Onsemi Highlights Strategic Investments, Automotive🔜 Gaiཧns

The results came as Onsemi, which makes chip🎃s and sensors for automotive and industrial markets, highlighted strategic investments to expand its offerings, and gains in the automotive industry.

"We remain dedicated to driving growth through market share gains, doubling down on investments in strategic markets, and expanding the breadth of our portfolio of industry-leading products with analog and mixed-signal solutions," Onsemi CEO Hassane El-Khoury said in a release.

The CEO added, "as reflected by our recent supply agreement with Volkswagen Group, we also continue to strengthen our silicon carbide leadership position in automotive as we ramp production with leading global OEMs in Europe, North America and China."

The company recently announced a multi-year deal with Volkswagen (VWAGY) to supply chips for the automaker's electric vehicles.

Onsemi said it anticipates revenue in the current quarter will be between $1.7 billion to $1.8 billion, with diluted earnings per share (EPS) of between 85 cents and 97 cents, roughly in line with analysts' expectations.

Shares of Onsemi were up 13.7% at $79.78 as of 10:50 a.m. ET Monday following the company's earnings release, though even with Monday's gains, they remained lower for the year.