Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2024

Net sales of $1.766 billion, down 21.7% sequentially and down 18.6% from the year ago quarter. Our preliminary net sales results provided on January 8, 2024 was for net sales to be down 22% sequentially.On a GAAP basis: gross profit of 63.4%; operating income of$ 529.4 million and 30.0% of net sales; net income of $419.2 million; and EPS of$ 0.77 per diluted share. Our guidance provided on November 2, 2023 was for GAAP EPS of $0.68 to$ 0.76 per diluted share. On a Non-GAAP basis: gross profit of 63.8%; oper ...