Analog chipmaker Microchip Technology (NASDAQ:MCHP) will be reporting results tomorrow after market close. Here's what you need to know.

Microchip Technology met analysts' revenue expectations last quarter, reporting revenues of $1.77 billion, down 18.6% year on year. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter and an increase in its inventory levels.

Is Microchip Technology a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Microchip Technology's revenue to decline 39.9% year on year to $1.34 billion, a reversal from the 21.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.57 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Microchip Technology has missed Wall Street's revenue estimates twice over the last two years.

Looking at Microchip Technology's peers in the analog semiconductors segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Impinj's revenues decreased 10.6% year on year, beating analysts' expectations by 4.4%, and ON Semiconductor reported a revenue decline of 4.9%, in line with consensus estimates. Impinj traded up 28.8% following the results while ON Semiconductor was also up 3.1%.

Read our full analysis of Impinj's results here and ON Semiconductor's results here.

Investors in the analog semiconductors segment have had steady hands going into earnings, with share prices flat over the last month. Microchip Technology is up 2.9% during the same time and is heading into earnings with an average analyst price target of $93.7 (compared to the current share price of $91.7).

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