Microchip Tech expects weak revenue as customers try to clear excess inventory
Aug 1 (Reuters) -Chipmaker Microchip Technology MCHP.O forecast second-quarter net sales below Wall Street estimates on Thursday, anticipating weak demand from customers yet to clear excess inventory stockpiled during the pandemic.
Shares of the Chandler, Arizona-based company fell more than 5% in extended trading.
Slowing demand for electric vehicles at a time when customers are trying to clear excess semiconductor inventory has hurt demand for companies such as Microchip Technology.
"While the 'green shoots' we observed last quarter have continued, they have not developed as robustly as anticipated," CEO Ganesh Moorthy said in a statement.
"The macro environment particularly for industrial and automotive markets, especially in Europe and the Americas, continues to be weaker than expected, resulting in an extended period over which the inventory correction is playing out."
Last week, peer NXP Semiconductors NXPI.O also forecast third-quarter revenue below estimates on sluggish demand from automotive customers.
Microchip expects net sales of$1.12 billion to $1.18 billion for the second quarterending in September, compared with analysts' average estimate of $1.31 billion, according to LSEG data.
The company's first-quarter net sales fell about 46% to $1.24 billion from a year earlier, but was in linewith estimates.
Its adjusted profit per share for the quarter endedJune 30 came in at 53 cents, slightly above expectationsof 52 cents.
Reporting by Jaspreet Singh in Bengaluru; Editing by Devika Syamnath
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
