Microchip (MCHP) Q3 Preliminary Results Disappoint, Shares Fall

Microchip (MCHP) reported disappointing third-quarter fiscal 2024 preliminary results, with revenues now estimated to decline 22% sequentially compared with the previous guidance range of 15-20% decline.Microchip cited lower shipments, primarily due to a weakening economic environment. It has been suffering from a slowdown in business across most end markets due to a challenging macroeconomic environment and heightened inventory levels with end customers.Microchip had projected net sales between $1.803 bill ...