SAN JOSE, Calif. - Microchip Technology Inc. said that based on bookings and sales activities in October and November that it expects its net sales for its third quarter of fiscal 2011 ending Dec. 31, 2010 to be down 3 percent to 7 percent sequentially.
On Nov. 4, 2010, Microchip provided guidance of net sales decreasing 2 percent to 8 percent sequentially.
“The first two months of our December quarter have progressed as expected and we are narrowing our net sales guidance from our previous expectations,” said Steve Sanghi, Microchip’s President and CEO, in a statement. “We currently expect gross margins, operating expenses and earnings per share to be in the same range as our previous guidance. We continue to see excellent design win traction in our strategic product lines and believe we are positioned well for future market share gains.”