ON Semiconductor Corporation announced that 2020 first quarter revenue was $1,277.9 million, down approximately 8% compared to 2019 first quarter revenue. 2020 first quarter revenue was down approximately 9% as compared to 2019 fourth quarter revenue.

"Our first quarter revenue and margins were significantly impacted by the slowdown in global macroeconomic activity, supply constraints and resulting underutilization due to government mandated lockdowns in many parts of the world aimed at containing spread of COVID-19. Despite disruptions from the pandemic, our teams around the globe showed exemplary dedication in support of first responders and critical customers,” said Keith Jackson, president and CEO of ON Semiconductor. “While current conditions are causing short-term dislocations, our long-term goals and strategy remain unchanged. Key secular megatrends driving our business remain intact, and we are making both structural and tactical changes to align our business with current conditions and to drive long-term growth in profitability and free cash flow."

"We are optimistic that the global community should be able to overcome current crisis,” added Jackson. “Our customers are placing orders in expectation of recovery in the second half of current year, and we are well positioned to show accelerated progress towards our target financial model as global macroeconomic environment recovers."