Microchip Technology Inc (NASDAQ: MCHP) reported upbeat earnings for its third quarter on Thursday.
Net sales of $1.766 billion, down 18.6% Y/Y, missing the consensus of $1.774 billion. Adjusted EPS was $1.08, beating the consensus of $1.04, according to data from Benzinga Pro.
Adjusted gross margin declined to 63.8% from 68.1%, and adjusted operating margin fell to $728.1 million (from $1.030 billion a year ago), with margins of 41.2% vs. 47.5% prior year quarter.
Ganesh Moorthy, President and Chief Executive Officer, said, “Our December quarter performance fell short of ...