Press release
Microchip Technology Provides Q3 Fiscal 2026 Business Update
Recovery Plan Execution Progressing CHANDLER, Ariz., Jan. 05, 2026 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider
About this update from Microchip Technology Incorporated
[{"type":"text","content":"Recovery Plan Execution Progressing\nCHANDLER, Ariz., Jan. 05, 2026 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today commented that it expects its net sales for third quarter of fiscal 2026 ended December 31, 2025 to be about $1,185 million, well above its original guidance of $1,109 million to $1,149 million provided on November 6, 2025, and its subsequent revised guidance provided on December 2, 2025 of net sales being on the high end of its original guidance. Steve Sanghi, Microchip's CEO and President, commented, \"We continue to experience a fairly broad-based recovery in most of our end markets driven by progress we have made in inventory correction in distribution as well as direct customers, and with new customer designs turning to production. Our bookings activity was very strong in the December quarter despite a holiday filled quarter. Our March quarter starting backlog started out much better than that for the December quarter.” “We have made substantial progress on most elements of our nine-point recovery plan as well as our strategic initiatives. We have seen a substantial reduction in our internal inventory which will begin to lower our level of inventory write-offs. We are also preparing to ramp our factories in the March quarter which will begin to lower the amount of our under-utilization charges,” added Sanghi. “We look forward to a very good calendar year 2026, as we reap the benefits from the success of our nine-point recovery plan,” concluded Sanghi. There will be no conference call associated with this press release. Microchip will announce its fiscal third quarter 2026 financial results on February 5, 2026. Cautionary Statement: The statements in this release relating to net sales for third quarter of fiscal 2026 ended December 31, 2025 being about $1,185 million, that we continue to experience a fairly broad-based recovery in most of our end markets driven by progress we have made in inventory correction in distribution as well as direct customers, and with new customer designs turning to production, that our bookings activity was very strong in December quarter, that our March quarter starting backlog started out much better than that for the December quarter, that we have made substantial progress...