Microchip Technology's first-quarter revenue fell 40.6% year-on-year, but still met expectations

Microchip Technology's revenue in the fourth quarter of fiscal year 2024 (the first quarter of the 2024 calendar year) fell sharply by 40.6% year-on-year to US$1.33 billion, but it was still in line with market expectations. In addition, the company's adjusted earnings per share were US$0.57, which was also in line with analysts' expectations.