Why Microchip Technology (MCHP) Shares Are Trading Lower Today

What Happened? Shares of analog chipmaker Microchip Technology (NASDAQ:MCHP) fell 9.8% in the afternoon session after the company issued a weak financial forecast for its upcoming fourth quarter, which overshadowed third-quarter results that beat expectations. Microchip projected fourth-quarter revenue to be approximately $1.13 billion, falling short of Wall Street's consensus estimate of $1.18 billion. The company's cautious outlook reflects weakening demand as customers in the automotive and industrial ...