U.S. Stock Surges | Q1 Earnings Exceed Expectations Microchip Technology (MCHP.US) Soars 18% at One Point

According to the Intelligent Financial APP, on Friday, Microchip Technology (MCHP.US) saw a significant increase of 18% at the opening, reaching its highest level since March 10th, now trading at $55.23 per share. On the news front, the company reported first quarter revenue of 970.5 million US dollars, a 27.0% year-on-year decrease, exceeding market expectations; adjusted earnings per share were $0.11, higher than the expected $0.10. Analyst Vivek Aria said, "Respected former CEO Steve Sanghi's return has significantly increased the urgency of the company's restructuring and its focus on customers/products, coupled with the recovery of the key industrial (aerospace/defense) markets, these factors have collectively driven Microchip Technology's improvement."