(AOF) – American chip manufacturer Microchip presented higher profits than expected, but disappointing prospects. In the third quarter, ended at the end of December, net income fell to $419.2 million, or 77 cents per share, from $592.7 million, or $1.08 per share, respectively. Excluding exceptional items, earnings per share came to $1.08, 4 cents better than expected. Its revenue fell 18.6% to $1.77 billion, compared to the consensus of $1.76 billion.
For the current quarter, adjusted earnings per share are expected between 46 cents and 68 cents for revenues between $1.225 billion and $1.425 billion. Wall Street targets $0.9 and $1.66 billion.
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