Microchip Tech (MCHP) Reports Q1 Earnings: What Key Metrics Have to Say

Core Insights - Microchip Technology reported a revenue of $1.24 billion for the quarter ended June 2024, reflecting a significant decline of 45.8% year-over-year, with EPS at $0.53 compared to $1.64 in the same quarter last year [1] - The revenue matched the Zacks Consensus Estimate of $1.24 billion, resulting in a slight surprise of -0.03%, while the EPS exceeded the consensus estimate of $0.52 by 1.92% [1] Revenue Breakdown - Net Sales from Mixed-signal Microcontrollers were reported at $644.70 million, falling short of the average estimate of $663.38 million, marking a year-over-year decline of 50.5% [3] - Net Sales from Other categories were $266 million, closely aligning with the average estimate of $266.40 million, but still representing a year-over-year decrease of 24.7% [4] - Net Sales from Analog products reached $330.60 million, surpassing the average estimate of $313.24 million, yet showing a year-over-year decline of 47.8% [5] Stock Performance - Over the past month, shares of Microchip Technology have decreased by 5.1%, contrasting with a 1.1% increase in the Zacks S&P 500 composite [5] - The stock currently holds a Zacks Rank of 4 (Sell), indicating potential underperformance relative to the broader market in the near term [5]