Microchip Technology shares are trading lower after the company said it sees preliminary Q3 revenue down roughly 22% sequentially compared to its prior guidance of down 15% to 20%.
Portfolio Pulse from Benzinga Newsdesk
Microchip Technology (MCHP) reported preliminary Q3 revenue down approximately 22% sequentially, which is below the previously guided range of a 15% to 20% decrease.
January 08, 2024 | 9:25 pm
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Microchip Technology's preliminary Q3 revenue shows a larger than expected decline, indicating potential challenges ahead for the company.
The reported preliminary revenue for Microchip Technology is significantly lower than the company's prior guidance, which could lead to a loss of investor confidence and a potential decrease in stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100