ON Semiconductor (ON) stock plummeted 8.06% in pre-market trading on Monday following the release of its second-quarter 2025 financial results and third-quarter outlook. The semiconductor manufacturer reported a significant year-over-year revenue decline and provided guidance that failed to impress investors.

For the second quarter, ON Semiconductor posted revenue of $1.4687 billion, marking a 15% decrease from $1.7352 billion in the same quarter last year. Despite the drop, this figure slightly exceeded analysts' expectations of $1.453 billion. The company's net income came in at $170.3 million, with GAAP diluted earnings per share of $0.41 and non-GAAP diluted earnings per share of $0.53, meeting the consensus estimate.

However, the company's outlook for the third quarter appears to have disappointed investors. ON Semiconductor projected Q3 revenue between $1.465 billion and $1.565 billion, with non-GAAP diluted earnings per share expected to range from $0.54 to $0.64. This guidance suggests ongoing challenges in the semiconductor market and potential headwinds for the company. The pre-market plunge indicates that investors are concerned about ON Semiconductor's ability to navigate the current market conditions and maintain growth in the face of industry-wide pressures.