Microchip (MCHP) Climbs 12% on Higher Growth Outlook

Group 1 - Microchip Technology Inc. (NASDAQ:MCHP) experienced a significant stock increase of 12.17%, closing at $63.61, following an upward revision of its financial growth outlook for Q3 FY2026 [1][3] - The company now anticipates net sales to be at the high end of its previous guidance, estimating between $1.109 billion and $1.149 billion, with a year-on-year sales increase of 12% [2] - GAAP EPS is projected to be at $0.02, while non-GAAP EPS is expected to reach $0.40, both at the high end of prior guidance ranges [2] Group 2 - Microchip's President and CEO, Steve Sanghi, noted that business performance has exceeded expectations, with strong bookings and a growing backlog into Q1 FY2026 [3] - The company is actively executing a nine-point recovery plan aimed at reducing inventory levels and improving gross and operating margins, as well as earnings per share [3]