Reported about 4 hours ago
Microchip Technology has projected third-quarter net sales below Wall Street expectations, anticipating sales between $1.11 billion and $1.15 billion, primarily due to muted demand as automotive and industrial clients reduce excess chip inventory. As a result, Microchip's shares fell nearly 6% in after-hours trading, with adjusted earnings also expected to fall short of analyst estimates. CEO Steve Sanghi indicated that there is a noticeable increase in customer requests for expedited shipments, suggesting that inventory normalization is underway.
Source: YAHOO