On Semiconductor Corp. (ON) delivered a classic mixed bag on Monday, beating on earnings while missing on revenue—and the market didn't love it.

The Numbers: The chipmaker reported fourth-quarter earnings of 64 cents per share, edging past the Street's 62-cent estimate. But revenue of $1.53 billion came up just short of the $1.536 billion consensus and marked a notable decline from $1.72 billion in the same quarter last year.

CEO Hassane El-Khoury tried to strike an optimistic tone despite the mixed results. "We remained disciplined in our execution and met expectations in the fourth quarter as we saw increasing signs of stabilization in our key markets," he said.

El-Khoury added that the company continues investing in "intelligent power and sensing technologies that position us to win in the most critical technology transitions shaping our industry."

Looking Ahead: On Semiconductor expects first-quarter adjusted earnings between 56 cents and 66 cents per share, with the midpoint roughly in line with the 61-cent analyst estimate. Revenue is projected at $1.44 billion to $1.54 billion, compared to the $1.51 billion consensus.

Investors weren't thrilled with the overall picture. ON shares fell 5.42% to $61.57 in extended trading Monday.