Analog Devices 2Q Revenue Declines, Sees Path to Sequential Growth in 3Q
By Denny Jacob
Analog Devices posted a decline in revenue in its latest quarter but forecast that a path to sequential growth in the current quarter isn't far off.
The chipmaker logged net income of $302.2 million, or 61 cents a share, for the second quarter ended May 4, down from $977.7 million, or $1.92 a share, a year earlier. Adjusted earnings were $1.40 a share, above analysts estimates of $1.26 a share.
Revenue declined to $2.16 billion from $3.26 billion. Analysts polled by FactSet expected $2.11 billion.
For the third quarter, Analog guided for revenue around $2.27 billion, plus or minus $100 million. It also forecast adjusted earnings per-share of $1.50, plus or minus 10 cents. Analysts polled by FactSet expected $2.16 billion and adjusted earnings per-share of $1.34.
"We believe inventory rationalization across our broad customer base is stabilizing, clearing a path for us to return to sequential growth in the third quarter," said Chief Executive Vincent Roche. "This, coupled with improving new orders, gives us optimism that we are at the beginning of a cyclical recovery."
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 22, 2024 07:32 ET (11:32 GMT)
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