Microchip Slashes Q3 Revenue Guidance, Issues Restructuring Plan [Yahoo! Finance]
Microchip Technology Incorporated (MCHP)
Last microchip technology incorporated earnings: 2/4 04:10 pm
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Source: Yahoo! Finance
The update followed the Biden administration's third crackdown on China's semiconductor industry, which focused on advanced memory chips and chipmaking tools and affected chip equipment manufacturers. Chair and interim CEO Steve Sanghi expects its December 2024 revenue to be close to the low end of its original guidance of $1.025 billion (versus the analyst consensus of $1.090 billion) due to slower turn orders than anticipated. Also Read: Generative AI Backed Cybersecurity Stocks Cloudflare, Okta Have Near-Term Upside: Analyst The company previously expected third-quarter revenue of $1.025 billion-$1.095 billion. It had announced an adjusted EPS outlook of $0.25-$0.35 (versus analyst consensus of $0.32). The company had projected an adjusted gross margin of 57.0%-59.0% Sanghi said high inventory levels and ample capacity prompted the company to shut down its Tempe, Arizona wafer fabrication facility, also known as Fab 2. Many of the process technologies that run in Fab 2
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MCHP
News
- How Morgan Stanley, Microchip Technology And Philip Morris Can Put Cash In Your Pocket [Yahoo! Finance]Yahoo! Finance
- Microchip Adds MTCH2120 to its Portfolio of Turnkey Capacitive Touch ControllersGlobeNewswire
- Integrated and Compact CAN FD System Basis Chip Solution for Space-Constrained ApplicationsGlobeNewswire
- 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