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Home > Industry News

Microchip Shows 22% Quarterly Drop in Q3 Revenue

Views : 26
Update time : 2024-01-18 09:54:30
        According to media reports, the U.S. chip maker Microchip Technology in the U.S. stock market on the 8th after-hours warning that due to the challenging economic environment, the third quarter revenue decline may exceed the original expectations.
        It is reported that the U.S. headquarters in Arizona, Microchip is a world-renowned MCU and analog semiconductor suppliers. The company announced its preliminary financial results for the third fiscal quarter (ended December 31) on Monday (8) local time, showing a 22% quarterly decline in revenue, exceeding the company's previous estimate of a 15% to 20% decline, and worse than the 17% decline predicted by Wall Street.
Ganesh Moorthy, CEO of Microchip Technology, said, "During the quarter, our customers and distributors asked the company to reduce shipments to further reduce inventory risk due to the weak economic environment."
The company said it will provide more information when it reports its fiscal third-quarter results on February 1st.
        Notably, the U.S. Department of Commerce said last week that it plans to provide $162 million in government grants to Microchip Technology to bolster U.S. production of semiconductors and microcontroller units (MCUs) critical to the consumer and defense industries.
        Microchip is not the only company that has recently reported performance below market expectations.
On January 9, Samsung Electronics announced its fourth quarter 2023 earnings guidance. The South Korean tech giant expects fourth-quarter 2023 operating profit to fall 35% to KRW 2.8 trillion ($2.13 billion), compared with analysts' average estimate of KRW 3.7 trillion, and operating income to fall 4.9% year-on-year to KRW 67 trillion, compared with analysts' forecast of KRW 70.31 trillion. Although weaker than expected, this is the smallest year-on-year profit decline for Samsung Electronics in five quarters.
        On Jan. 5, Intel's self-driving company Mobileye warned the company's first-quarter revenue would fall 50 percent from a year earlier, as the annual outlook fell short of market expectations due to high customer chip inventories.
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