March 6, 2020 / 1:23 PM / a month ago

ON Semiconductor cuts Q1 revenue forecast on coronavirus fears

March 6 (Reuters) - ON Semiconductor Corp on Friday cut its first-quarter revenue outlook amid the fast-spreading coronavirus, sending its shares down 4% in premarket trading.

The U.S. chipmaker expects revenue to be in range of $1.28 billion to $1.33 billion, compared with its previous outlook of $1.36 billion to $1.41 billion.

“We saw soft order trends in China in the weeks following Lunar New Year holidays, but orders have since picked up, and we have not seen any significant cancellations of orders,” said Chief Executive Officer Keith Jackson. (Reporting by Amal S in Bengaluru; Editing by Sherry Jacob-Phillips)

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