Chandler-based Microchip Technology Inc. reports record sales growth in third fiscal quarter - Phoenix Business Journal

“Our laser focus on organic growth through total system solutions and higher growth mega trends for multiple years is giving us increased design momentum, farther share gains and a result in revenue tailwind," Ganesh Moorthy, Microchip’s president and CEO, said in an earnings call on Thursday.

Microchip expects it will have supply chain constraints throughout 2023, however, the company is attempting to reduce average lead times to fewer than 26 weeks by the second half of the year, Moorthy said in the earnings call. Microchip has paid off more than $6.2 billion of an $8 billion debt incurred from acquiring California-based Microsemi in 2018. It will continue to allocate its excess cash aside from dividends and stock buyback toward the debt, according to the company’s third fiscal quarter earnings report.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apple, Alphabet and Amazon stock selloff would reduce their market caps by more than $150 billion combinedThe selloff in the shares of AAA technology behemoths — Apple Inc., Alphabet Inc. and Amazon.com Inc. — that reported quarterly results overnight are shaving... $amzn Should give back the past months gains come again?
Source: MarketWatch - 🏆 3. / 97 Read more »

Chandler-based Offerpad raising $90 million in private placement - Phoenix Business JournalChandler-based Offerpad is raising $90 million in a private placement, the company announced Wednesday. The company said it plans to use funding from the private placement for “general corporate purposes.'
Source: phxbizjournal - 🏆 254. / 63 Read more »