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Microchip Technology Inc. (NASDAQ:MCHP) shares declined 3.12% in after-hours trading to $57.50 on Thursday.
Check out the current price of MCHP stock here.
For the second quarter, which ended on September 30, the provider of embedded control solutions reported net sales of $1.140 billion, exceeding the midpoint of guidance and growing 6% sequentially. However, revenue decreased by 2% from $1.164 billion in the previous year.
Steve Sanghi, CEO and president of Microchip Technology, said, "Our second-quarter results demonstrate continued momentum in our recovery. The operational improvements we have implemented are translating into meaningful financial progress despite the broader market recovery developing more gradually than anticipated."
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Microchip projected December-quarter revenue of $1.129 billion, plus or minus $20 million, indicating a potential sequential decline during the historically weak seasonal period.
Non-generally accepted accounting principles (GAAP) diluted earnings per share guidance of $0.34 to $0.40 also came below the current quarter performance of $0.35.
GAAP guidance projects a potential net loss attributable to common stockholders of $13.2 million to net income of $9.5 million.
In a separate press release, the company's Board also declared a quarterly cash dividend of 45.5 cents per share, payable Dec. 9.
The technology company announced the launch of its Model Context Protocol (MCP) Server, an AI interface connecting directly with compatible AI tools and large language models (LLMs) to provide verified Microchip product data, including specifications, datasheets, inventory, pricing and lead times.
“We’re dedicated to harnessing the power of AI to boost productivity and drive innovation,” said Chief Operating Officer Rich Simoncic.
Microchip shares have risen 4.34% year to date and gained 23.44% over the past six months, though the stock has slipped 8.64% in the last month.
The shares of the Arizona-based company have traded between $34.13 and $77.20 over the past year and carry a market capitalization of $32.03 billion.
Price Action: According to the Benzinga Pro data, Microchip Technology closed on Thursday at $59.35, down 2.38%.
Benzinga's Edge Stock Rankings indicate that MCHP is experiencing short- and medium-term consolidation while maintaining long‑term upward momentum. Track the performance of other players in this segment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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