With a revenue of $1.386bn, the company mised expectations slightly. This was up one percent on the first quarter of 2018, but down eight percent on the previous quarter.
"Our execution continues to be strong, despite soft business conditions. While we are facing near-term headwinds, key secular drivers powering our business remain intact, and we are well positioned to benefit from increasing semiconductor content in automotive, industrial, and cloud-power applications," said Keith Jackson, president and CEO of ON Semiconductor. "We are prudently managing our business, and we intend to deliver strong operational results to mitigate the impact of slowing demand environment."
"We remain upbeat about our future, and we are making prudent long term investments to strengthen our position in our strategic markets and to further improve our industry-leading cost structure," he said. Based on product booking trends, backlog levels, and estimated turns levels, the company sees revenue in second quarter of 2019 to be approximately $1,360 to $1,410bn.
This follows TI and ST flagging weakness in the industrial and automotive markets for the next three quarters.