Chipmaker Microchip Technology raised its expectations for third-quarter net sales and earnings per share due to strong bookings, with shares up 2.3% in extended trading. Adjusted earnings per share expected at 40 cents, at the higher end of the projected range. CEO Steve Sanghi noted better-than-expected business performance, with net sales expected to be at the high end of the forecast range of $1.11 billion to $1.15 billion. The revised revenue outlook suggests a sequential growth of about 1% and a year-over-year growth of 12%. Bookings activity remained strong through November, with backlog filling in better than expected and growing nicely into the next quarter.

Read more at Yahoo Finance: Microchip Technology raises profit, revenue expectations for third quarter