The chipmaker projected $1.59 billion to $1.62 billion in second-quarter revenue and earnings per share of $0.91 to $0.95, while first-quarter results also topped Wall Street expectations.
Microchip Technology forecast second-quarter revenue and profit above Wall Street estimates, helped by stronger demand for chips used in AI data centers and a cyclical recovery in industrial and automotive markets. The company also cited solid spending tied to aerospace and defense. It projected second-quarter revenue of $1.59 billion to $1.62 billion, ahead of analysts' average estimate of $1.55 billion compiled by LSEG, and adjusted earnings per share of $0.91 to $0.95 versus expectations of $0.79. First-quarter revenue came in at $1.49 billion, above the $1.46 billion analysts expected, while adjusted profit of $0.76 per share beat estimates of $0.69. Even so, shares of the Chandler, Arizona-based company fell 4% after the bell. Peer Onsemi also recently forecast revenue above expectations, pointing to similar AI data center demand for power management chips.