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Microchip Technology Narrows Prelim. Q3 Sales Guidance From $1.244B-$1.298B To $1.281B-$1.288B vs $1.24B Est.

Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions, today provided an update on the business environment it is experiencing.  Microchip has continued to

Benzinga · 01/06/2020 21:19

Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions, today provided an update on the business environment it is experiencing.  Microchip has continued to experience strong bookings since October 2019.  Microchip now expects consolidated net sales for the December 2019 quarter to be $1.281 billion to $1.288 billion, or down between 3.75% and 4.25% sequentially with a mid-point of down 4%.  Microchip previously provided revised guidance on December 3, 2019 for consolidated net sales to be $1.244 billion to $1.298 billion, or down between 3% and 7% sequentially with a mid-point of down 5%.