Microchip Cuts Guidance Amid Restructuring, Shares Fall [Yahoo! Finance]
Microchip Technology Incorporated (MCHP)
Last microchip technology incorporated earnings: 2/4 04:10 pm
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Source: Yahoo! Finance
The figure is closer to the lower end of its original guidance. This adjustment comes as MCHP experiences slower-than-expected turn orders. MCHP also announced that the company plans to close its Fab 2 manufacturing facility in Tempe, AZ, by the September 2025 quarter. This move is part of its efforts to optimize Microchip's manufacturing footprint and reduce costs. This shutdown is expected to save it approximately $90 million annually. Following the announcement of revised revenue guidance and restructuring plans, Microchip's shares fell nearly 1.92% in today's pre-market trading session. The market reaction indicates investors' concerns over slower-than-anticipated order momentum, high inventory levels and near-term restructuring costs, despite the company's long-term cost-saving measures and growth strategies. Microchip plans to transfer production from its Fab 2 facility to its Oregon and Colorado plants, which have adequate capacity for expansion. This restructuring aims t
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MCHP
News
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- Microchip Technology Incorporated (NASDAQ: MCHP) was downgraded by analysts at Bank of America Co. from a "neutral" rating to an "underperform" rating. They now have a $65.00 price target on the stock, down previously from $80.00.MarketBeat
- Microchip Technology Incorporated (NASDAQ: MCHP) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
MCHP
Earnings
- 11/5/24 - Beat
MCHP
Sec Filings
- 12/16/24 - Form 8-K
- 12/12/24 - Form 424B2
- 12/11/24 - Form FWP
- MCHP's page on the SEC website