The chip industry gets its latest cut in outlook, with diversified semiconductor maker Microchip (MCHP) this afternoon saying its preliminary sales for Q3 totaled $407 million to $408 million, below the $420.6 million the Street has been modeling, and also below the $412 million to $430 million the company forecast back in early August.
CEO Steve Sanghi said the shortfall owed to “macro-economic and industry conditions,” and that “�The overall global economic outlook continues to be poor and is adversely impacting our business as well as the rest of the semiconductor industry.”
Microchip will report full results, including its December outlook, on November 8th.
Shares of Microchip are down 96 cents, or 3%, at $31.24 in late trading. Shares of chip maker stocks largely seem to be shrugging off the miss, with Intel (INTC) up 7 cents at $21.79, Texas Instruments (TXN) up 2 cents at $28.24, and Qualcomm (QCOM) down 8 cents at $59.21.
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