Onsemi gains on Q2 revenue forecast above estimates

Chipmaker Onsemi's ON.O shares rise 3.8% to $43.48 premarket

ON forecasts Q2 rev of $1.40 bln to $1.50 bln vs analysts' avg estimate of $1.42 bln, according to data compiled by LSEG

Expects Q2 adj EPS of 48 cents to 58 cents vs estimates of 52 cents

Co's Q1 rev falls ~22% from a year earlier to $1.45 bln, but exceeds estimates $1.40 bln

Reports Q1 adj EPS of 55 cents vs estimates of 51 cents

As of last close, stock down ~34% this year