Microchip (MCHP) Q3 Earnings Beat Estimates, Sales Decline Y/Y

Microchip Technology (MCHP) reported third-quarter fiscal 2024 non-GAAP earnings of $1.08 per share, which beat the Zacks Consensus Estimate by 1.89% but declined 30.8% on a year-over-year basis.Net sales of $1.77 billion decreased 14.8% year over year and lagged the Zacks Consensus Estimate by 1.41%.Quarter in DetailIn terms of product line, mixed-signal microcontroller sales declined 18.5% year over year and 22.3% sequentially. Analog net sales decreased 30.9% sequentially and 29% year over year.Sales fro ...