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's stock is trading lower following the company's preliminary Q3 revenue report, which indicates a roughly 22% sequential decrease. This is a larger decline than the previously guided range of 15% to 20%.
January 09, 2024 | 1:45 pm
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Microchip Technology's preliminary Q3 revenue report shows a larger than expected decline, leading to a decrease in stock price.
The reported preliminary Q3 revenue decline of approximately 22% is significantly worse than the company's previous guidance. This negative surprise is likely to shake investor confidence and lead to a short-term negative impact on the stock price, as it suggests a potential slowdown in demand or operational challenges.
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