The Phoenix-based company reported second-quarter earnings of 42 cents a share on revenue of $1.35 billion. Analysts were expecting the company to report earnings of 42 cents on revenue of $1.38 billion.
Additionally, the company said that it expects third-quarter revenue to range between $1.36 billion and $1.41 billion vs. analysts' expectations for revenue of $1.46 billion.
"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 has fallen more than 15% over the past 12 months, but has gained about 11% year to date.
"Against a backdrop of soft demand and limited visibility, we continue to focus on execution to mitigate the impact of current softness in demand. We remain confident in our strategy of focusing on secular megatrends in automotive, industrial, and cloud-power end-markets, and we are prudently investing to further strengthen our position in these markets," Jackson said.
The stock declined 10.01% in trading Monday to $17.98.
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