Analog Devices Stock Rises. The Chip Maker's Earnings Beat Forecasts. | ADI Message Board Posts


Analog Devices Inc.

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Msg  22 of 25  at  11/22/2022 12:03:27 PM  by

jerrykrause


Analog Devices Stock Rises. The Chip Maker's Earnings Beat Forecasts.

Analog Devices Stock Rises. The Chip Maker's Earnings Beat Forecasts.
 

Analog Devices forecast higher revenue than expected for the January quarter, sending the stock higher in premarket trading.

The semiconductor firm (ticker: ADI) reported adjusted earnings per share of $2.73 for the October quarter, compared with the consensus estimate of $2.58 among Wall Street analysts tracked by FactSet. Revenue came in at $3.25 billion, which was above analysts' expectations of $3.15 billion.

Management's financial outlook was upbeat as well. Analog forecast a range of potential revenue for the current quarter with a midpoint of $3.15 billion, compared with the consensus view that revenue will be $3.04 billion.

"While the economic backdrop continues to cause demand uncertainty, we are well-positioned in the near-term with stabilizing orders, a strong backlog, and continued design win momentum," CEO Vincent Roche said in the news release.

Analog Devices shares gained 3.9% to $165.50 in premarket trading.

The company sells a broad-based portfolio of chips that go into products in nearly every sector of the economy. The company has more than 125,000 customers and is considered a bellwether for the technology industry and the economy.

Analog Devices shares have declined by 9% this year through Monday, versus the 32% drop in the iShares Semiconductor ETF (SOXX), which tracks the performance of the ICE Semiconductor Index.

 


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