Microchip Technology Inc. (MCHP) announced after the bell Thursday that it now expects to report second quarter revenues of about $546.2 million, down from prior guidance of $560 million to $575.9 million. The consensus estimate is for revenues of $568 million.
Microchip Technology gapped open dramatically lower Friday morning, but traded in a range for the majority of the session. The stock closed down by 5.59 at $39.96 on the highest volume of the year. Microchip Technology plunged to over an 11-month low.
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