Microchip Revenue Report, Q2 Total Revenue Exceeds Expectations

Microchip said in its earnings report for the second quarter, released on Thursday, that its revenue beat analyst estimates and exceeded their forecasts.

Microchip reported total revenue of $2.07B on revenue of $1.46 per share, while analysts expected the company to post revenue of $1.44 per share and total revenue of $2.06B. In the post-close markets, company shares traded at $64.50, up 8.48% after the earnings report. For the year, Microchip shares are down 12%. The S&P 500 index, where the stock trades, is down 21%.

Microchip follows other major revenue reports in the Information Technology sector

On October 27, Apple reported fourth-quarter total revenue of $90.1B on revenue of $1.29 per share. Expectations were for total revenue of $88.76B with $1.26 per share. On October 25, Microsoft's revenues exceeded analyst estimates and totaled $50.1B in the first quarter, with revenue of $2.35 per share. Analysts were expecting total revenue of $49.86B on revenue of $2.32 per share. Source: investing.com Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!