Analog Devices (ticker: ADI) saw its stock decline on Tuesday after the semiconductor company provided fiscal first-quarter guidance that fell below analysts’ expectations.
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Fiscal First-Quarter Guidance
- Analog Devices guided for fiscal first-quarter earnings of $1.70 a share, plus or minus 10 cents a share.
- Revenue is projected to be $2.5 billion, plus or minus $100 million.
- FactSet analysts had anticipated first-quarter earnings of $1.91 a share on revenue of $2.69 billion.
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Fiscal Fourth-Quarter Earnings
- Analog Devices reported fiscal fourth-quarter earnings of $2.01 a share, which was just below Wall Street estimates of $2.02 a share.
- The company exceeded revenue expectations for the quarter, with $2.72 billion compared to an expected $2.7 billion.
- In the same period last year, Analog Devices posted earnings of $2.73 a share on revenue of $3.25 billion.
Chief Executive Vincent Roche commented on the results, stating, “For the fourth quarter, ADI delivered revenue and profitability above the midpoint of our outlook, despite the difficult macroeconomic environment.”
As a result of the news, shares of Analog Devices dropped 2.9% to $178.50 in premarket trading on Tuesday. However, the stock has shown an overall gain of 12% throughout the year.