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Chipmaker Analog Devices (ADI) on Tuesday roughly matched analyst estimates for its fiscal fourth quarter but offered an outlook well below views for the current period. ADI stock fell in early trading.
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The Wilmington, Mass.-based company earned an adjusted $2.01 a share on sales of $2.72 billion in the quarter ended Oct. 28. Analysts polled by FactSet had expected earnings of $2.02 a share on sales of $2.7 billion. In the year-earlier period, Analog Devices earned an adjusted $2.73 a share on sales of $3.25 billion.
In premarket trading on the stock market today, ADI stock dropped 2.9% to 178.50.
Earnings report details to follow.
Analog Devices ranks fourth out of 32 stocks in IBD’s semiconductor manufacturing industry group, according to IBD Stock Checkup. ADI stock has an IBD Composite Rating of 79 out of 99.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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