💨 Abstract
Microchip Technology forecasts lower-than-expected fourth-quarter sales and profits due to excess inventory in the automotive market. The company anticipates the weakness in the automotive sector to continue through the first half of the year. CEO Steve Sanghi stated that inventory destocking is ongoing but not yet complete. The company plans to evaluate its business and make changes to strengthen its competitive position. Shares fell nearly 5% following the announcement.
Courtesy: theprint.in
Summarized by Einstein Beta 🤖
Suggested
US State Department highlights traffickers as sole beneficiaries of mass migration
AI Mona Lisa to touchscreen Last Supper, Da Vinci goes hi-tech. Some call it ‘dumbed down’
Oil set for third straight weekly drop on tariff fears
Indian shares set to open higher ahead of central bank policy decision
China dispute seen as early test of Trump's stance towards WTO
China's Xiaomi to explore ways to ramp up auto production, CEO says
Rugby-Fiji Director of Rugby sacked after 'gay problem' comment
AI chip firm Cerebras partners with France's Mistral, claims speed record
Yen marches higher on rate hike bets; US jobs data in focus
Ukrainian children forcibly taken from their families brought home, official says
Powered by MessengerX.io