Microchip Technology is a leading provider of integrated circuits and semiconductor solutions, specializing in high-performance microcontrollers, analog products, and digital signal controllers. The company serves a diverse array of industries, including automotive, industrial, consumer, and communications, offering a wide range of products designed to enhance the performance and efficiency of electronic systems. Microchip Technology also focuses on developing innovative design tools and software that enable engineers to create advanced applications with ease, fostering the growth of the Internet of Things (IoT) and other emerging technologies. Through its commitment to quality and customer support, Microchip Technology aims to empower its clients to succeed in a rapidly evolving technological landscape.
Shares of analog chipmaker Microchip Technology (NASDAQ:MCHP)
fell 10.3% in the morning session after the company provided updated guidance for the December 2024 quarter, with expectations for revenue to be close to the low end of its previous forecast of $1.025 to $1.095 billion. Also, the company is closing its Tempe wafer fabrication facility due to elevated inventory levels and ample capacity.
Semiconductor manufacturers like GlobalFoundries, Microchip Technologies, and Intel are down in the dumps in 2024 but expected to revert to growth in 2025.
Analog chipmaker Microchip Technology (NASDAQ:MCHP) met Wall Street’s revenue expectations in Q3 CY2024, but sales fell 48.4% year on year to $1.16 billion. On the other hand, next quarter’s revenue guidance of $1.06 billion was less impressive, coming in 10% below analysts’ estimates. Its non-GAAP profit of $0.46 per share was 6% above analysts’ consensus estimates.
Microchip Technology (NASDAQ: MCHP) to release earnings after market close on Tuesday. Analysts expect lower earnings and revenue compared to last year.
The hundreds of AI stocks have been reduced to 31 pure-play stocks in 7 categories and put into 7 portfolios which are tracked on a weekly basis. What follows is a summary of their performances this week.