Microchip Technology Inc. (NASDAQ:MCHP) today announced its first quarter financial results for the period ended June 30, 2020.
Net income for the second quarter 2021 was $123.6 billion, or $0.48 per share, compared to net income of $50.7 million, or $0.20 per share in the second quarter of 2020.
Net sales down 1% to $1.31 billion.
During the quarter, cash flow from operations stood at $501.8 million.
“In the June quarter, our Data Center and Computing end markets continued to show strength from the shift to a work from home environment. Medical devices necessary to treat COVID-19 patients in addition to a host of other hospital equipment needed to support increased patient loads were also strong in the quarter. Our Automotive business was very weak, particularly in April and May due to the widespread factory shutdowns, but we are starting to see some improvement in this portion of our business”
Ganesh Moorthy, President and COO