Microchip Technology Shares Surge 11% on Upbeat Q3 Guidance and New Product Launch.

Microchip Technology shares jumped 11% after the company raised its Q3 financial guidance, citing stronger-than-expected business performance, bookings, and backlog. The revised outlook represents a 12% YoY growth in revenue, and the company expects non-GAAP earnings per share to be $0.40, surpassing prior estimates. The CEO stated that business is performing better than expected, with booking activity remaining strong. The shares closed at $63.61, up 12.2% from the previous close.