Microchip Technology (MCHP) Revenue — Quarter Ended Sep 30, 2023
Revenue for the quarter was lower than the prior quarter but higher than the same quarter last year. The sequential decline reflects continued weak business conditions, while the year-over-year gain shows the lingering effect of earlier strong demand.
Key takeaway
Quarter ended Sep 30, 2023 · FY2024 Q2
Revenue for the quarter was lower than the prior quarter but higher than the same quarter last year. The sequential decline reflects continued weak business conditions, while the year-over-year gain shows the lingering effect of earlier strong demand.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$2.3B
Revenue reported for this quarter.
Quarter-over-quarter
-1.5%
Change from the immediately preceding quarter.
Year-over-year
+8.7%
Change from the comparable year-ago quarter.
Trailing four quarters
$8.9B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $2.2B | +23.4% |
| Mar 31, 2023 | $2.2B | +21.1% |
| Jun 30, 2023 | $2.3B | +16.6% |
| Sep 30, 2023 | $2.3B | +8.7% |
Revenue performance
Reported revenue decreased compared to the immediately preceding quarter, marking a reversal from the growth trend seen in recent quarters.
Quarterly comparison
Compared to the same quarter one year earlier, revenue was higher, though the pace of year-over-year growth has slowed from the prior quarter's rate.
What to watch
The company expects weak business conditions to continue in the next quarter, which may pressure revenue further.