ON Semiconductor (NASDAQ:ON) shares plunged more than 8% intra-day today despite the chipmaker reporting first-quarter results that exceeded analyst expectations.

The company posted earnings of $0.55 per share, beating the consensus estimate of $0.52. Revenue came in at $1.45 billion, down 22% from a year ago but still ahead of the $1.41 billion forecast.

Margins declined amid ongoing industry headwinds. Adjusted gross margin fell to 40% from 45.9% a year earlier, roughly matching expectations. Adjusted operating margin dropped to 18.3% from 29%, though this still topped the 17.3% analyst estimate.

For the second quarter, Onsemi guided for adjusted earnings per share between $0.48 and $0.58, above the analyst consensus of $0.51. Revenue is expected to fall between $1.4 billion and $1.5 billion, compared to the consensus of $1.412 billion.