Analog Devices
stock was falling Tuesday after the semiconductor company provided fiscal first-quarter guidance below analysts’ estimates.
Analog Devices
(ticker: ADI) guided for fiscal first-quarter earnings of $1.70 a share, plus or minus 10 cents a share, on revenue of $2.5 billion, plus or minus $100 million. Analysts surveyed by FactSet were expecting first-quarter earnings of $1.91 a share on revenue of $2.69 billion.
The company also reported fiscal fourth-quarter earnings of $2.01 a share, which came in just shy of Wall Street estimates of $2.02 a share. Revenue for the quarter of $2.72 billion beat expectations of $2.7 billion.
In the same period last year, Analog Devices posted earnings of $2.73 a share on revenue of $3.25 billion.
“For the fourth quarter, ADI delivered revenue and profitability above the midpoint of our outlook, despite the difficult macroeconomic environment,” Chief Executive Vincent Roche said in the earnings release.
Shares of Analog Devices were down 2.9% in premarket trading Tuesday to $178.50. Coming into the session, the stock has gained 12% this year.
Write to Angela Palumbo at [email protected]
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