Shares of ON Semiconductor (ON), also known as Onsemi, sank more than 6% Monday after the maker of power chips missed profit, sales, and guidance estimates as it said it faced difficult macroeconomic conditions.

The company posted fourth-quarter adjusted earnings per share (EPS) of $0.95, with revenue slumping nearly 15% year-over-year to $1.72 billion. Both were short of Visible Alpha forecasts.

Sales at the Power Solutions Group fell 16% to $809.4 million. They were down 18% to $610.6 million at the Analog and Mixed-Signal Group, and they declined less than 2% to $302.5 million at the Intelligent Sensing Group.

CEO Says Onsemi Committed to Long-Term Strategy

CEO Hassane El-Khoury said Onsemi continues “to navigate this market downturn,” and that “while 2025 remains uncertain,” the company is committed to its long-term strategy.

Onsemi predicted current-quarter adjusted EPS of $0.45 to $0.55, and revenue of $1.35 billion to $1.45 billion. Analysts surveyed by Visible Alpha were looking for $0.88 and $1.68 billion, respectively.

ON Semiconductor shares slid roughly 6.5% Monday morning to their lowest level since June 2022.