From Barchart:

Microchip Technology’s Q3 FY2024 revenue was down 18.6% to $1.77 billion, beating estimates, with non-GAAP profit at $1.08 per share. The next quarter’s revenue guidance of $1.33 billion was 19.6% below estimates. President and CEO Ganesh Moorthy said weak business conditions led to missed guidance. As a leading provider of microcontrollers and integrated circuits, Microchip Technology specializes in analog semiconductors. Its revenue has been mediocre, but plunged 18.6% this quarter. The company also saw a 46.5% increase in free cash flow, but inventory days outstanding rose from 167 to 185. Microchip Technology is down 3.3% following the announcement. If you’re looking for more technology investing opportunities, check out CrowdStrike for massive growth potential.



Read more: Microchip Technology (NASDAQ:MCHP) Reports Q3 In Line With Expectations But Quarterly Guidance Underwhelms