Question-and-Answer Session
Thank you. [Operator Instructions]. We'll take our first question from Craig Ellis with Citi.
Steve Sanghi - President, Chief Executive Officer and Chairman of the Board
Go ahead, Craig.
Operator
We'll go next to Chris Stanley with JPMorgan.
Christopher Danely - JPMorgan
Hi guys, can you hear me?
Steve Sanghi - President, Chief Executive Officer and Chairman of the Board
Yes, we can, Chris.
Christopher Danely - JPMorgan
Okay, great. Can you just talk about what I guess percentage of revenue your sort of housing index represents of Microchip now and then what it was at the peak or how much it's swollen?
Steve Sanghi - President, Chief Executive Officer and Chairman of the Board
Well, Craig? sorry, Chris, those numbers are very, very rough to get as we mentioned when we put the index together that customers move the designs back and forth from here to Asia. There are a lot of new designs that constantly go to production every quarter. So, while that index was actually up from last quarter, it's a combination of a lot of these moving parts and a very complex equation. So you can't cleanly get it to? trying to do a whole bunch of analysis out of that. When we originally announced the index, we believe that our U.S. housing exposure was about 8% and it probably was even higher last year because we created the index in the March quarter where the numbers had already gone down. And we think it's down substantially from that number today. Do you have a follow-up?
Operator
We'll take our next question from Simona Jankowski with Goldman Sachs.
Simona Jankowski - Goldman Sachs
Yes, hi, thanks. Just curious on your revenue guidance, it sounds like you implicitly are assuming a lower level of turns this quarter than last quarter, considering you are starting with a higher backlog and interestingly, a lot of the other companies in the analog space like Linear and Intersil and Fairchild actually were assuming flat or higher turns for this quarter. I was just curious, are you guys just being more conservative because of the macro environment or were there specific things we are seeing in the behavior of your customers that are causing you to both kind of guide below what your backlog would suggest but also have a higher range of the guidance than you’ve had historically?
Steve Sanghi - President, Chief Executive Officer and Chairman of the Board
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