5 Tech Stocks Gaining Value After Earnings

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In this article, we discuss the 5 tech stocks gaining value after earnings. If you want to see some more tech companies trading higher following their quarterly results, go directly to 10 Tech Stocks Gaining Value After Earnings

5. Microchip Technology Incorporated (NASDAQ:MCHP)

Number of Hedge Fund Holders: 42

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) rose to a nearly two-month high on Wednesday, August 3, 2022, after surpassing profit and sales expectations for its fiscal first quarter.

Microchip Technology Incorporated (NASDAQ:MCHP) reported adjusted earnings of $1.37 per share, well above 99 cents per share in the year-ago period. Revenue for the quarter jumped 25.1 percent on a year-over-year basis to $1.964 billion. The results were better than the consensus of $1.34 per share for earnings and $1.95 billion for revenue.

Among other updates, Microchip Technology Incorporated (NASDAQ:MCHP) announced that it paid back a debt of $233.6 million in the June quarter. Moreover, the company also repurchased 2.9 million shares of its common stock during the same period.

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