By Sam Boughedda
Analog Devices (NASDAQ:ADI) shares tumbled over 5% Wednesday after reporting fiscal third-quarter earnings.
The company topped analyst estimates with earnings per share coming in at $2.52, $0.09 better than the analyst estimate of $2.43. In addition, revenue for the quarter came in at $3.1 billion versus the consensus estimate of $3.05 billion.
Industrial, Automotive, and Communications revenue hit a record.
“ADI delivered its sixth consecutive quarter of record revenue, fueling adjusted earnings per share to a new all-time high. These results reflect the agility of our hybrid manufacturing model as well as the essential role our high-performance analog, mixed signal, and power portfolio plays across numerous secular growth trends,” said Vincent Roche, CEO and Chair of ADI.
Analog Devices sees its fiscal fourth-quarter earnings per share between $2.47 and $2.67, versus the consensus of $2.50, with revenue for the period in a range of $3.05 billion to 3.25 billion, versus the consensus of $3.11 billion.
While its results were positive, investors were worried after the semiconductor company said economic uncertainty was beginning to impact bookings. They added that demand continues to outpace supply, resulting in a higher backlog.