Microchip Technology, an analog chipmaker listed on NASDAQ, is set to release its earnings report after the market closes tomorrow. In the previous quarter, the company met revenue expectations by reporting revenues of $1.77 billion, a decrease of 18.6% compared to the same quarter last year. However, the quarter was considered weak due to underwhelming revenue guidance for the next quarter and an increase in inventory levels.
Despite missing Wall Street’s revenue estimates twice in the past two years, most analysts have maintained their estimates for the company over the last 30 days. For the upcoming quarter, analysts expect Microchip Technology’s revenue to decline by 39.9% year on year to $1.34 billion, reversing the 21.1% increase from the same quarter last year. Adjusted earnings are 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. 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