Microchip Technology Inc. (Chandler, AZ), a provider of microcontroller and analog semiconductors, lowered its revenue guidance for its fiscal third quarter, now expecting sales to be down 7% sequentially and up 15% year-over-year.
"The ongoing inventory correction in the semiconductor industry, coupled with weak end demand, has resulted in lower bookings and turns than the levels required to meet our original guidance for the quarter ending December 31, 2004," said Microchip President and CEO Steve Sanghi. "We have reduced inventory levels quite substantially in the last six quarters. We believe this will allow moderate inventory growth without necessitating significant changes in manufacturing capacity."
Microchip expects to release its December quarter results on January 25, 2005.
