ON Semiconductor (ON) shares edged 0.7% lower in pre-market trading Monday after the company posted a wider-than-expected loss for the first quarter, even as it raised its full-year forecast.

The chipmaker reported a net loss of $1.15 per share, compared with analyst expectations for a profit of $0.45 per share, according to Koyfin. 

Adjusted earnings, which exclude one-time items, came in at $0.55 per share, slightly above consensus estimates of $0.50.

Revenue fell 22% year over year to $1.4 billion, aligning with expectations. The company’s Power Solutions Group posted the largest revenue decline, with sales down 26% to $645 million. 

Revenue from the Analog and Mixed-Signal Group dropped 19% to $566 million, while the Intelligent Sensing Group saw a 22% decrease to $234.2 million.

Chief Executive Hassane El-Khoury stated that the company continues to see strong design win momentum and has secured key wins with major global customers across all end-markets.

He added that the results reflected discipline during a cyclical downturn. In February, the company announced plans to cut 9% of its global workforce, or about 2,400 jobs, to reduce costs and prioritize development amid softer demand.

ON raised its full-year revenue guidance to a range of $1.40 billion to $1.50 billion, up from a prior forecast of $1.35 billion to $1.45 billion. It also increased its full-year earnings-per-share outlook to $0.45 to $0.55, compared with a previous range of $0.42 to $0.52.

ON’s stock remains down more than 30% year to date and has lost 40% over the past 12 months.

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