ON Semiconductor Easily Tops Forecast

PHOENIX (TheStreet) -- Chipmaker ON Semiconductor(ONNN Quote) is on target, easily beating analysts' expectations in the third-quarter and forecasting better-than-expected fourth-quarter revenue.

During the quarter, the company earned $29.9 million, or 7 cents a share, compared with $50.6 million, or 13 cents a share, a year ago.

Excluding items, the company actually earned 16 cents a share. Analysts expected ON to make 10 cents a share.

Revenue sank 19% to $472.9 million from $419.8 million last year.

ON forecasts fourth-quarter revenue of $480 million to $495 million, higher than the $468.3 million Wall Street predicts.

As a result, shares of the company jumped 3.8% to $7.09 in after-market trading.

-- Reported by Jeanine Poggi in New York

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