July 31 (Reuters) - Chipmaker ON Semiconductor Corp (ON.O) on Monday forecast third-quarter revenue above market estimates, on optimism that strong demand from the automotive sector will offset broader weakness in the semiconductor industry.
Automotive chipmaker NXP last week forecast a strong third-quarter revenue and profit, exuding confidence over a steady automotive demand.
Onsemi, which makes sensors and supplies chips to companies like Volkswagen (VOWG_p.DE), expects revenue between $2.10 billion to $2.20 billion in the third quarter.
For the second quarter ended June 30, the company's revenue rose to $2.09 billion, ahead of analysts' expectations of $2.02 billion.
The revenue was boosted by Onsemi's power solutions group, which provides power management chips, making up about 53% of total quarterly revenue.
Persons:
Onsemi, Hassane El, Khoury, Zaheer Kachwala, Shailesh
Organizations:
ON Semiconductor Corp, NXP Semiconductors, chipmaker NXP, Volkswagen, Thomson
Locations:
Arizona, Bengaluru