Microchip warns Q3 revenue down ~22% sequentially, worse than guided 15-20%

MICROCHIP TECHNOLOGY INC

2024-Q3 EPS reported $3.19 revenue$6,308,600,000

Preliminary revenue for Q3 FY2024 (Dec 2023) down ~22% sequentially, vs prior guidance of down 15-20%.
CEO cites weakening economy, customers de-risking inventory, and extended year-end shutdowns.
Certain planned backlog did not ship by quarter end; full results to be reported on Feb 1, 2024.
No absolute revenue figure provided; preliminary estimate based on current information.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MICROCHIP TECHNOLOGY INC reported preliminary financial results for third quarter of fiscal year 2024 ended December 31, 2023.

Period: third quarter of fiscal year 2024 ended December 31, 2023
Result: preliminary results

Exact text from the filing

we announced our preliminary revenue results for the third quarter of fiscal year 2024 ended December 31, 2023. The complete release is attached to this report as Exhibit 99.1.

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Source: SEC EDGAR

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