ON Semiconductor Tanks As Revenue Drops In Q3; Outlook Below Estimates

Shares of ON Semiconductor Corporation (ON) are falling more than 18% Monday morning after the company reported lower revenue in the third quarter. The company’s fourth-quarter revenue outlook also came in below analysts’ view.

Revenue in the third declined to $2.181 billion from $2.193 billion a year ago.

For the fourth quarter, ON Semi expects revenue to be in the range of $1.950 billion – $2.050 billion, below the average estimate of analysts polled by Thomson-Reuters of $2.18 billion.

ON Semi shares, currently at $68.44, have traded in the range of $58.43 – $111.35 in the last 1 year.

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