PHOENIX " ON Semiconductor, a vendor of discrete small signal and power semiconductor components, has raised its guidance for the third quarter of 2003 from flat to an increase of 1 to 2 percent compared with the second quarter of 2003.
"We now expect third quarter 2003 revenues will grow sequentially by 1 to 2 percent over second quarter 2003 revenues," Keith Jackson, ON Semiconductor president and chief executive officer, said in a statement.
"Recent booking trends, particularly in August, coupled with the corresponding growth in our backlog and the strength of our wireless and consumer businesses, provide the basis for our change in expectation," he added.
ON Semiconductor listed in its second quarter 2003 earnings report a net loss of $58 million on sales of $256.2 million. Sales revenue declined 5 percent from $269.5 million in the previous quarter and compared to $280.6 million in the like period a year ago.