Chip maker ON Semiconductor Corp. (NYSE: ON – $18.29), said second quarter revenue was $1.347 billion, down approximately 7% compared to the 2018 second quarter revenue and down approximately 3% as compared to the first quarter. Street views for revenue were for $1.38 billion. Adjusted earnings per share came in at $0.42, down from $0.46 for the same period last year, but beating estimates by a penny. Business conditions continue to be soft and ON expects to see sub-seasonal demand trends in the near-term, as geopolitical factors will likely continue to weigh on demand. Despite this near-term weakness, key secular trends that drive ON’s businesses remain intact according to company remarks made following the second quarter results. For the third quarter the company said it expects revenue to range from $1.36 billion to $1.41 billion, well below consensus estimates $1.47 billion. For the full year, earnings are estimated by analysts at $1.78 per share. The decline in ON shares may be more attributed to broader market weakness than any fundamental problems taking place at the company and shares can continue to be considered for recovery.