ON Semiconductor (Nasdaq: ONNN) is expected to report Q2 earnings on Aug. 1. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict ON Semiconductor's revenues will shrink -6.5% and EPS will drop -7.1%.

The average estimate for revenue is $696.1 million. On the bottom line, the average EPS estimate is $0.13.

Revenue details
 Last quarter, ON Semiconductor booked revenue of $661.0 million. GAAP reported sales were 11% lower than the prior-year quarter's $744.4 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.10. GAAP EPS of $0.05 for Q1 were 17% lower than the prior-year quarter's $0.06 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 30.2%, 270 basis points worse than the prior-year quarter. Operating margin was 4.9%, 250 basis points worse than the prior-year quarter. Net margin was 3.4%, 40 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $2.84 billion. The average EPS estimate is $0.58.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 474 members out of 490 rating the stock outperform, and 16 members rating it underperform. Among 80 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 78 give ON Semiconductor a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ON Semiconductor is outperform, with an average price target of $10.09.

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