Onsemi falls after Q1 revenue declines as end-market demand remains weak

Chipmaker Onsemi's ON.O shares reverse premarket gains to fall 8.7% to $38.28 in afternoon trading

Co's Q1 rev falls ~22% from a year earlier to $1.45 bln, but exceeds analysts' average estimate $1.40 bln, according to data compiled by LSEG

Morningstar says Onsemi remains in the throes of a cyclical downturn for automotive and industrial chips

"Weak end demand, exacerbated by inventory digestion at customers, is enduring longer than we initially anticipated and we expect it to impact results through 2025" - brokerage

Co's high exposure to EVs is driving weaker results in the short term - brokerage

ON forecasts Q2 rev of $1.40 bln to $1.50 bln vs estimates of $1.42 bln

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

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

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