NXPI NXP Semiconductors NV

By Asa Fitch

Electronic suppliers are feeling the pinch from the spreading coronavirus, denting expectations for the current quarter.

Microchip Technology Inc. Monday said sales for the quarter would be flat compared to the prior three-month period. The company previously said sales should advance 2% to 9%. The company also withdrew its per-share earnings guidance.

"We see very weak demand in Asia, especially in China, driven by the Covid-19 fears, and customers returning to work at a slower pace than anticipated. Our supply chain is also returning to normal operations at a slower pace than we anticipated," the company said.

Earlier Monday, Dutch chip-maker NXP Semiconductors NV said this quarter's sales could be hit at a range of $50 million to $150 million.

Write to Asa Fitch at asa.fitch@wsj.com

(END) Dow Jones Newswires

March 02, 2020 16:51 ET (21:51 GMT)

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