Tech Finance - Microchip CEO sees uncertainty amid U.S.-China trade war

Date:2019-05-09 13:59:07 Posted by:franklin View:111
By Hayley Ringle  – Reporter, Phoenix Business Journal 
8 hours ago

With no settlement on trade talks between the U.S. and China, Microchip Technology Inc. (Nasdaq: MCHP) is expecting “weaker-than-seasonal” business conditions down the road, as it reported record sales for fiscal 2019.

Steve Sanghi, Microchip’s chairman and CEO, said in recent days the rhetoric he has seen has turned more negative with 25% duties on $200 billion of Chinese goods expected to go into effect this Friday.

“Therefore, the uncertainty related to U.S.-China trade relations continues,” Sanghi said in Wednesday’s analyst call. “We continue to operate our business prudently for long-term shareholder value, and we believe that the end-market demand will continue to be stronger than the GAAP sell-in revenue in the June quarter, and that channel and customer inventory will continue to decrease.”

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