🔴 Microchip Technology is trading 10.7% down today as Q3 guidance falls short of estimates

Microchip Technology is trading at $56.72, down 10.70%, as its Q3 revenue and adjusted-EPS guidance came in below analyst expectations.

• Fiscal Q2 results beat estimates, but the reported Q3 guidance midpoint was $1.606 billion in revenue and $0.91 adjusted EPS, versus consensus estimates of $1.62 billion and $0.94.
• Semiconductor shares broadly rebounded on November 6 after Thursday’s sell-off; that sector move does not explain Microchip Technology’s decline.