Microchip Cuts Guidance Amid Restructuring, Shares Fall

Microchip Technology (MCHP) announced a revision to its revenue guidance for the December 2024 quarter, expecting $1.025 billion. The figure is closer to the lower end of its original guidance. This adjustment comes as MCHP experiences slower-than-expected turn orders.MCHP also announced that the company plans to close its Fab 2 manufacturing facility in Tempe, AZ, by the September 2025 quarter. This move is part of its efforts to optimize Microchip's manufacturing footprint and reduce costs. This shutdown ...