CHANDLER, Ariz. (AP) — CHANDLER, Ariz. (AP) — Microchip Technology Inc. (MCHP) on Thursday reported a loss of $18.6 million in its fiscal first quarter.
The Chandler, Arizona-based company said it had a loss of 9 cents per share. Earnings, adjusted for one-time gains and costs, were 27 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The chipmaker posted revenue of $1.08 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $1.05 billion.
For the current quarter ending in September, Microchip Tech expects its per-share earnings to range from 34 cents to 37 cents.
The company said it expects revenue in the range of $1.11 billion to $1.15 billion for the fiscal second quarter.
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