Microchip Technology Sees Prelim. Q3 Revenue Down 22% Sequentially Compared To Prior Guidance Of Down 15-20%
Portfolio Pulse from Benzinga Newsdesk
Microchip Technology reported preliminary Q3 revenue down 22% sequentially, which is below their prior guidance of a 15-20% decrease.
January 08, 2024 | 9:11 pm
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NEGATIVE IMPACT
Microchip Technology's Q3 revenue decline is steeper than expected, which could negatively impact investor sentiment and stock price.
Microchip Technology's reported preliminary Q3 revenue shows a larger decrease than the company's prior guidance. This underperformance is likely to shake investor confidence and could lead to a short-term drop in the stock price due to the negative surprise.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100