Microchip shut down for 2 weeks!
In the latest information,Microchip Technology intends to furlough workers at its Gresham plant for 2 weeks in March and potentially once more in June as a result of a sharp decrease in sales. Workers discovered the news today, simply days after Integrated circuit got $72 million in federal funding to expand its Gresham plant.
Integrated circuit stated the furloughs will not transform the firm's plans to expand the Oregon plant, yet reflect temporary issues related to customer supply backlogs.Microchip stated there will be no layoffs.
Microchip CEO Ganesh Moorthy claimed in a declaration," In times of organization unpredictability, we in some cases ask our teams to collectively make shared sacrifices such as short-term closures, to make sure that we can continue to be completely staffed and avoid discharges."
The Arizona company warned investors that its customers cut orders or closed their own plants late last year, delaying shipments until 2024 and reducing Microchip's quarterly revenue. Sales in the last three months of the year were down 22 percent from the previous quarter, the company said.
Microchip's latest financial results will be released on February 1, 2024 . The company is expected to report earnings per share of $1.09, down 30.13% from the same period last year. In addition, fourth-quarter revenue is expected to be $1.86 billion, down 14.15% from the same period last year. For the entire year 2023, revenue is expected to be $8.07 billion, down 4.34% from last year .
Moorthy said Monday that customers and distributors are taking action in the December 2023 quarter to further reduce inventory levels as a result of the weakening economic environment, many of whom are taking action to further reduce inventory levels.
Microchip specializes in microcontrollers and analog semiconductors, which are important in many automotive, aerospace, communications and industrial products.
Following supply chain shortages during the pandemic, the company's sales grew at a rapid pace, and Microchip announced plans to expand its Gresham facility to meet the long-term growth in demand for its products. Sales grew 13 percent in the first six months of the fiscal year.
Microchip is said to be describing the upcoming March furlough as a temporary measure designed to help the company weather a brief downturn. The company employs about 900 people in Gresham.
The plant, built more than two decades ago, remains Microchip's largest and most advanced in-house manufacturing facility, and is an integral part of the company's long-term microcontroller and analog business strategy.Some commentators believe that Microchip's furlough is undoubtedly a major blow to the MCU industry to come.
Microchip's turnover on January 10th was $437 million, ranking 136th among U.S. stocks for the day
On January 10, 2024, semiconductor products company Microchip Technology (MCHP) turnover of $437 million, in the day's U.S. stock ranked 136th, turnover from yesterday's decrease of 23.87%, the day's volume of 512.40 million.
Microchip Technology (MCHP) was up 0.12% at $85.44 on January 10, 2024, the stock has gained 1.03% over the past 5 trading days, down 5.26% for the entire month of January, down 5.26% year-to-date, and up 13.24% over the past 52 weeks.
Founded in 1989 in Delaware, Microchip Technology Corporation develops and manufactures customer-specific semiconductor products for a wide variety of embedded control applications. Its product portfolio includes general purpose and specialty 8-, 16- and 32-bit microcontrollers, 32-bit microprocessors, field programmable gate array (FPGA) products, a broad range of high-performance linear, mixed-signal, power management, thermal management, discrete diodes and metal-oxide-semiconductor field-effect transistors (FETs). Oxide Semiconductor Field Effect Transistors (MOSFETs), Radio Frequency (RF), Timing, Timing Systems, Security, Wired Connectivity and Wireless Connectivity devices, as well as Serial Electrically Erasable Programmable Read-Only Memory (EEPROM), Serial Flash Memory, Parallel Flash Memory, Serial Electrically Erasable Random Access Memory (EERAM) and Serial Static Random Access Memory (SRAM).
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