Analog chipmaker Microchip Technology (NASDAQ:) is set to report its results after the market closes tomorrow. In the last quarter, the company met revenue expectations by reporting revenues of $1.77 billion, a decrease of 18.6% compared to the previous year. However, the quarter was considered weak with underwhelming revenue guidance for the next quarter and an increase in inventory levels.
While most analysts have maintained their estimates for the company over the last 30 days, it is important to note that Microchip Technology has missed Wall Street’s revenue estimates twice in the past two years. The company’s revenues are projected to decline by 39.9% year on year to $1.34 billion in the upcoming quarter, reversing a 21.1% increase from the same quarter last year. Adjusted earnings are also projected to be $0.57 per share.
In comparison to its peers in the analog semiconductors sector, companies like Impinj and ON Semiconductor have already reported their Q1 results, providing some insight into how well these companies are performing during this challenging period for semiconductor manufacturers. Impinj’s revenues were down 10.6% year on year but beat analyst expectations by 4.4%, while ON Semiconductor reported a 4.9% revenue decline in line with consensus estimates. Following these results, Impinj saw a 28.8% increase in its share price, while ON Semiconductor was up 3
