ON Semiconductor Corp. reported second-quarter revenue of $1.47 billion, modestly ahead of the $1.45 billion consensus, while adjusted earnings came in at $0.53 a share, matching analysts’ estimates. GAAP diluted earnings were $0.41 a share. The chipmaker posted a GAAP gross margin of 37.6% and a GAAP operating margin of 13.2%; on a non-GAAP basis, operating margin was 17.3%. For the current quarter, the Phoenix-based company forecast revenue of $1.47 billion to $1.57 billion and adjusted earnings of $0.54 to $0.64 a share. The midpoint of both ranges sits slightly below market expectations, suggesting demand remains subdued even as management said key end markets are stabilising and the business model is becoming more predictable. ON Semiconductor has eliminated about 9% of its workforce as part of a cost-control programme begun earlier this year. Despite meeting second-quarter profit targets, shares fell roughly 4% in pre-market trading as investors focused on the cautious guidance.