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Microchip Technology (MCHP) stock jumped Friday after the chipmaker delivered a beat-and-raise earnings report. MCHP stock fueled a rise in the Philadelphia semiconductor index, known as SOX.
The Chandler, Ariz.-based company late Thursday said it earned an adjusted 76 cents a share on sales of $1.48 billion in its fiscal first quarter ended June 30. **** ysts polled by FactSet had expected Microchip earnings of 70 cents a share on sales of $1.46 billion. On a year-over-year basis, Microchip earnings surged 181% while sales climbed 38%.
For the current quarter, Microchip forecast adjusted earnings of 93 cents a share, up 166% year over year, on sales of $1.6 billion, up 40%. That's based on the midpoint of its guidance. Wall Street had been modeling earnings of 80 cents a share on sales of $1.56 billion in fiscal Q2.
Microchip makes control chips for connectivity, data centers and other applications.
On the stock market today, MCHP stock surged 13.9% to close at 84.69. It was the top performer on the SOX, which includes the 30 largest chip stocks traded in the U.S.
#sales #mchp #year #based
The Chandler, Ariz.-based company late Thursday said it earned an adjusted 76 cents a share on sales of $1.48 billion in its fiscal first quarter ended June 30. **** ysts polled by FactSet had expected Microchip earnings of 70 cents a share on sales of $1.46 billion. On a year-over-year basis, Microchip earnings surged 181% while sales climbed 38%.
For the current quarter, Microchip forecast adjusted earnings of 93 cents a share, up 166% year over year, on sales of $1.6 billion, up 40%. That's based on the midpoint of its guidance. Wall Street had been modeling earnings of 80 cents a share on sales of $1.56 billion in fiscal Q2.
Microchip makes control chips for connectivity, data centers and other applications.
On the stock market today, MCHP stock surged 13.9% to close at 84.69. It was the top performer on the SOX, which includes the 30 largest chip stocks traded in the U.S.
#sales #mchp #year #based
