ON Semiconductor reported first-quarter earnings with an adjusted EPS of $1.08, surpassing the estimated $1.04, and revenue of $1.86 billion, slightly above the expected $1.85 billion. However, the company projected weaker performance for the second quarter with revenue forecasts between $1.68 billion and $1.78 billion, below the anticipated $1.82 billion, and adjusted EPS between 86 cents and 98 cents, also under the estimate of $1.00. Despite the positive earnings surprise, the guidance disappointed investors, leading to varied market reactions.