- Microchip Technology forecast first-quarter net sales and profit below Wall Street estimates on Monday, signaling weak demand as customers continue to clear excess inventory, sending its shares down more than 4% in aftermarket trading.
Moorthy said the June quarter marks the bottom of the cycle for the company and the business will return to revenue growth in the second quarter, ending September. Microchip forecasts net sales in the range of $1.22 billion to $1.26 billion for the first quarter ending in June 30, compared with analysts' average estimate of $1.34 billion, according to LSEG data.
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