ON Semiconductor (NASDAQ: ON) stock price jumped Monday thanks to better-than-expected second-quarter results. The chip company's share price closed out the trading session up 11.5%, according to data from S&P Global Market Intelligence.

ON Semi reported Q2 results before the market opened Monday, posting results that beat Wall Street's expectations. The company reported non-GAAP (adjusted) EPS of $0.96 on sales of $1.74 billion. For comparison, the average analyst estimate had called for EPS of $0.92 on revenue of $1.73 billion.

ON Semi's revenue fell roughly 17% year over year in Q2, but the performance was still better than expected. Adjusted EPS was also down roughly 28% year over year, but margins in this year's quarter still beat Wall Street's target. In addition to sales and earnings beats in Q2, the company also posted guidance that bolstered bullish sentiment on the stock.

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Source Fool.com