Microchip Technology reported adjusted earnings of 76 cents per share on $1.48 billion in sales, topping analyst estimates.
Microchip Technology (MCHP) shares climbed Friday after the company posted stronger-than-expected fiscal first-quarter results. The chipmaker reported adjusted earnings of 76 cents per share on sales of $1.48 billion for the quarter ended June 30, surpassing analyst expectations.
Analysts had forecast earnings of 72 cents per share on $1.46 billion in revenue, according to FactSet. The results marked a beat-and-raise quarter, driving gains in the Philadelphia semiconductor index (SOX).
MCHP stock led the SOX index higher, reflecting investor confidence in the company’s performance and outlook.