ON Semiconductor just reported Q3 results. Key takeaways.

Update: The story was updated with stock price movement.

Shares of ON Semiconductor (NASDAQ:ON) were largely flat on Monday after third-quarter results beat estimates.

Outlook: The company expects fourth-quarter revenue to be between $1.71B and $1.81B (midpoint at $1.76B), versus the consensus revenue estimate of $1.78B. Meanwhile, adjusted earnings per share are anticipated in the range of $0.92 to $1.04 (midpoint at $0.98) compared to consensus estimate of $1 per share.

Third quarter revenue fell about 19% year-over-year to around $1.76B, while non-GAAP EPS tumbled nearly 28% year-on-year to $0.99. However, both top and bottom-line numbers surpassed analysts expectations.

“With third-quarter results above expectations, we remain focused on delivering consistent results in the current environment through execution and prudent financial management,” said Hassane El-Khoury, President and CEO of ON Semi.

Revenue from the Power Solutions Group segment declined about 23% year-over-year to $829.4M, while revenue from the Analog and Mixed-Signal Group segment revenue fell 16% year-over-year to $653.7M.

“As power demands continue to rise across our key markets, and the need for greater efficiency becomes paramount, we are investing to win across the entire power spectrum to ensure that onsemi is best positioned to gain share in automotive, industrial and AI data center,” added Hassane El-Khoury.

Revenue from Intelligent Sensing Group segment fell about 15% year-over-year to $278.8M.

Shares of related tech stocks on Monday: NXP Semiconductors (NXPI) -2%, STMicroelectronics (STM) -1%. Analog Devices (ADI) and Texas Instruments (TXN), were largely flat.