ON Semiconductor

(ONNN)

said Thursday it would cut 550 manufacturing jobs, or less than 5% of its workforce, as part of an attempt to trim costs by $100 million yearly.

The chipmaker said it would reduce the headcount by an additional 80 through attrition. ON said the move would reduce redundancies in its global manufacturing business and streamline its manufacturing processes.

TheStreet Recommends

Shares of ON, which is based in Phoenix, rose 38 cents, or 9.4%, to $4.38 in recent

Nasdaq

trading.

ON Semiconductor warned in March it would lose 13 cents to 15 cents a share in the first quarter, while Wall Street was expecting breakeven results.