Microchip reports Q3 adjusted EPS $1.08, consensus $1.04

Reports Q3 revenue $1.77B, consensus $1.77B. “Our December quarter performance fell short of our November guidance, primarily due to weaker business conditions,” said Ganesh Moorthy, President and CEO. “Revenue declined 21.7% sequentially as weak demand drove customers to cut shipments and extend shutdowns to further de-risk their inventories, which prevented us from fulfilling previously planned shipments from backlog. We are proactively taking measures to navigate these short-term challenges, with our focus firmly set on ensuring the long-term sustainability and growth of our business.”