MCHP Oct 2024 55.000 put
- Reuters
Microchip Technology expects weak quarterly results on excess inventory impact
Slowing electric vehicle sales at a time when customers are clearing excess inventory have weighed heavily on demand for chips in the automotive industry, hitting chipmakers such as Microchip Technology amid an uncertain economic environment. Customers had built excess inventory to avoid a supply crunch during the pandemic.
- Zacks
Markets Up to Start the Week: PLTR, MCHP Meet Earnings
It's the third-straight up-day for both the S&P 500 and the Nasdaq, fourth straight for the blue-chip Dow.
- StockStory
Microchip Technology (NASDAQ:MCHP) Reports Weak Q1
Analog chipmaker Microchip Technology (NASDAQ:MCHP) missed analysts' expectations in Q1 CY2024, with revenue down 40.6% year on year to $1.33 billion. Next quarter's revenue guidance of $1.24 billion also underwhelmed, coming in 8.7% below analysts' estimates. It made a non-GAAP profit of $0.57 per share, down from its profit of $1.64 per share in the same quarter last year.
