Microchip Tech forecasts upbeat quarterly revenue on strong demand
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
Aug 6 : Microchip Technology forecast second-quarter revenue and profit above Wall Street estimates on Thursday, on strengthening demand for its chips used in AI data centers as well as the industrial, automotive and aerospace sectors.
The company has benefited from a cyclical recovery in key end-markets, including industrial and automotive, as well as surging demand from AI-related data centers, with robust aerospace- and defense-related spending fueled by geopolitical tensions.
Here are some details:
• For the second quarter, Microchip forecast revenue of $1.59 billion to $1.62 billion, above analysts' average estimate of $1.55 billion, according to data compiled by LSEG.
CNA Games
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
Show More
Show Less
• Its adjusted earnings per share forecast of $0.91 to $0.95 was also above analysts' average estimate of $0.79.
• The company reported first-quarter revenue of $1.49 billion, topping analysts' estimate of $1.46 billion, while its adjusted profit of $0.76 per share also beat estimates of $0.69.
• However, the Chandler, Arizona-based company's shares were down 4 per cent after the bell.
• Peer Onsemi on Monday forecast third-quarter revenue above Wall Street expectations, betting on surging demand for power management chips used in AI data centers.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app