Microchip Technology (MCHP) Climbs 22.8% on Upbeat Outlook

We recently published 10 Stocks Sparking Massive Fortunes. Microchip Technology Inc. (NASDAQ:MCHP) is one of the best performers on Friday.

Microchip jumped by 22.8 percent week-on-week, as investors took path from its upbeat growth outlook for the third quarter of fiscal year 2026 ending December 31.

In an updated report late in the week, Microchip Technology Inc. (NASDAQ:MCHP) announced that it now expects net sales to settle in the higher end of its $1.109 billion to $1.149 billion guidance, or an implied growth of 12 percent year-on-year.

Meanwhile, GAAP EPS is projected at $0.02—the high end of its guidance range of $0.02 loss per share to a $0.02 EPS.

Non-GAAP EPS is pegged at $0.40, the upper range of its $0.34 to $0.40 outlook.

“Our business is performing better than we expected at the time of our November 6, 2025, earnings conference call. Our bookings activity has remained strong through November, with backlog filling in better than expected in the current quarter and growing nicely into the March 2026 quarter. We are executing on our nine-point recovery plan as well as our strategic initiatives, reducing inventory levels, improving non-GAAP gross margins, operating margins, and earnings per share, and making progress towards our long-term business model,” said Microchip Technology Inc. (NASDAQ:MCHP) President and CEO Steve Sanghi.

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Disclosure: None. This article is originally published at Insider Monkey.