Microchip Technology forecasts quarterly results below estimates on weak automotive demand
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Microchip Technology has forecasted third-quarter revenue and profit below estimates due to weak demand from automotive customers, leading to a 4% drop in its shares during extended trading.
November 05, 2024 | 10:45 pm
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Microchip Technology's forecast for Q3 revenue and profit is below estimates due to weak automotive demand, causing a 4% drop in shares.
The company's forecast indicates lower-than-expected financial performance, primarily due to reduced demand from the automotive sector. This has directly impacted investor sentiment, leading to a 4% decline in the stock price in after-hours trading.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100