Microchip reports Q3 non-GAAP EPS 20c, consensus 28c

Reports Q3 revenue $1.026B, consensus $1.05B. “Our December quarter performance reflects the need for the decisive steps we are taking to realign our business, as revenue declined to $1.026B and inventory levels reached 266 days,” said Steve Sanghi, Microchip’s (MCHP) CEO. “Since returning as CEO in November, we have already initiated several key actions, including restructuring our manufacturing footprint, adjusting our channel strategy and intensifying our customer engagement. Our initial assessment indicates clear areas for operational enhancement, and we are taking a methodical yet urgent approach to evaluating all aspects of our business and implementing necessary changes to strengthen our competitive position.”