On August 7, Microchip Technology rose 10.03% in regular trading, trading at $83.075/share, with turnover of $96.88 million.
On the news front, the company released its fiscal Q1 earnings report, delivering a comprehensive beat on market expectations. Adjusted EPS came in at $0.76, surpassing the consensus estimate of $0.69 by 10.14% and rising 181.48% year-over-year. Revenue reached $1.485 billion, exceeding the $1.458 billion estimate, up 38.0% year-over-year and 13.2% sequentially.
More critically, Q2 guidance significantly exceeded expectations: the company projected adjusted EPS of $0.91 to $0.95, well above the $0.80 consensus, and revenue of $1.589 billion to $1.618 billion, topping the $1.556 billion estimate. The company also maintained its quarterly dividend at $0.455 per share. Morgan Stanley raised its price target from $94 to $103. Additionally, the company recently signed a definitive agreement to acquire Hailo, expanding its embedded AI capabilities.
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