ON Semiconductor (ON.O) on Monday forecast second-quarter results in line with Wall Street expectations and posted first-quarter earnings that topped estimates, as the chipmaker stuck to a "disciplined" strategy to weather a prolonged industry downturn.
The company reported adjusted earnings of $0.55 per share for the first quarter, beating analysts' average estimate of $0.51, according to LSEG data.
Revenue came in at $1.45 billion, also ahead of the $1.4 billion forecast.
"Our results in the first quarter reflect the disciplined approach we have maintained through this downturn," Chief Executive Hassane El-Khoury said in a statement.
Still, the results marked a year-over-year decline, underscoring weak demand for automotive and industrial chips that has pressured the broader semiconductor market.
ON Semiconductor said it expects GAAP earnings for the second quarter to be between $0.45 and $0.55 per share, with revenue in the range of $1.4 billion to $1.5 billion—broadly in line with analysts’ average estimates.
Shares of the company rose 1.2% in premarket trading.