Reported about 6 hours ago
Microchip Technology has forecasted fourth-quarter net sales and profits that fall short of Wall Street expectations, citing weak demand as automotive customers continue to reduce excess inventory. The company's shares dropped nearly 5%, as it anticipates net sales between $920 million and $1 billion, significantly below analyst estimates of $1.06 billion. CEO Steve Sanghi indicated ongoing inventory destocking efforts, highlighting a continued business adjustment to strengthen market position amid a challenging automotive sector.
Source: YAHOO