ON Semiconductor Reports Q2 Earnings Miss

ON Semiconductor Corporation ON reported second-quarter revenue at $1.347.7 billion, down 7% compared to 2018 second-quarter revenue. The company reported GAAP gross margin of 37% and non-GAAP gross margin of 37.1%.

ON Semiconductor reported GAAP diluted earnings per share of 24 cents, down 31% year-on-year. Non-GAAP diluted earnings per share came in at 42 cents, down 9% year-on-year.

"Business conditions continue to be soft, and we expect to see sub-seasonal demand trends in the near-term, as geopolitical factors will likely continue to weigh on demand. Despite near-term weakness in demand, key secular trends driving our business remain intact," said CEO Keith Jackson.

ON Semiconductor shares were trading down 6.86% at $18.61 in Monday’s pre-market session. The stock has a 52-week high of $23.54 and a 52-week low of $14.55.

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