SAN FRANCISCO—ON Semiconductor Corp. Wednesday (May 6) reported that first quarter sales declined to $379.1 million, down 22 percent sequentially and 11 percent year-to-year. But the company said it anticipates revenue to rise in the second quarter to between $395 million and $410 million.
"We believe, consistent with industry information available to us, we have passed the bottom of the current semiconductor cycle and are expecting to grow our revenues in the second quarter of 2009," said Keith Jackson, ON Semi president and CEO, in a statement.
Jackson described the first quarter as a challenging period for the semiconductor industry and said ON Semi aggressively cut costs, including a reduction in R&D spending, layoffs and the closure of a wafer fab in Phoenix.
ON Semi (Chandler, Ariz.) said its posted a net loss in accordance with generally accepted accounting principles (GAAP) of $33.9 million for the first quarter, down from a loss of $524.7 million in the fourth quarter of 2008. In the year-ago quarter, ON Semi reported a GAAP net income of $11 million.
The company said its non-GAAP net income, excluding charges, was $13.7 million, down from $62 million in the previous quarter.
On a mix-adjusted basis, average selling prices in the first quarter were down less than three percent when compared to the fourth quarter of 2008, ON Semi said.
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