08:31 AM EDT, 07/29/2024 (MT Newswires) -- ON Semiconductor (ON) reported Q2 non-GAAP earnings Monday of $0.96 per diluted share, down from $1.33 a year earlier.

Analysts surveyed by Capital IQ expected $0.92.

Revenue for the quarter ended June 28 was $1.74 billion, compared with $2.09 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.73 billion.

The company said it expects Q3 non-GAAP EPS of $0.91 to $1.03 on revenue of $1.70 billion to $1.80 billion. Analysts surveyed by Capital IQ expect normalized EPS of $0.97 on revenue of $1.78 billion.

Shares of ON Semiconductor were up more than 7% in recent pre-bell activity on Monday.

Price: 75.70, Change: +5.53, Percent Change: +7.88