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Microchip +4% on raised Q3 outlook

Jan. 06, 2020 4:27 PM ETMicrochip Technology Incorporated (MCHP) StockTXN, MCHP, ONBy: Brandy Betz, SA News Editor
  • Microchip (NASDAQ:MCHP) forecasts $1.281-1.288B in net sales for Q3, up from the $1.244-1.298B guided last month.
  • The company attributes the increase to strong bookings in December, which led to better than expected billings for the December quarter and improved backlog for the March quarter.
  • MCHP shares are up 4% after hours to $107.92.
  • Update: Microchip peers ON Semi (NASDAQ:ON) and Texas Instruments (NASDAQ:TXN) are up 2.2% and 2%, respectively, at nearly 5 PM.

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