US Stock Market Move | Q1 performance exceeds expectations Microchip Technology Incorporated (MCHP.US) surged by 18% at one point.

On Friday, Microchip Technology Incorporated (MCHP.US) opened with a sharp increase of 18%, reaching its highest level since March 10th at $55.23 per share. On the news front, the company reported first quarter revenue of 9.705 billion US dollars, a 27.0% decrease year-on-year, which exceeded market expectations; adjusted earnings per share were $0.11, higher than the expected $0.10. Analyst Vivek Alliah stated, "The respected former CEO Steve Sanghi's return has significantly increased the urgency of company restructuring and focus on customers/products, combined with the recovery of key industrial (aerospace/defense) markets, these factors have collectively driven the improvement of Microchip Technology Incorporated."