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Analog Devices Stock Slips After Lower Than Expected Guidance

by Administrator Forexezy
November 21, 2023
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Analog Devices (ticker: ADI) saw a decline in its stock on Tuesday following the release of its fiscal first-quarter guidance, which fell below analysts’ estimates. The semiconductor company predicts earnings of $1.70 per share, with a margin of plus or minus 10 cents per share, on revenue of $2.5 billion, plus or minus $100 million. This announcement was met with disappointment, as analysts surveyed by FactSet had anticipated higher first-quarter earnings of $1.91 per share on revenue of $2.69 billion.

In addition to the less-than-expected guidance, Analog Devices reported earnings of $2.01 per share for the fiscal fourth quarter, just slightly below Wall Street’s estimated $2.02 per share. However, the company did surpass revenue expectations for the quarter by reporting $2.72 billion instead of the anticipated $2.7 billion.

Comparing these figures to the same period last year, Analog Devices experienced a decline in earnings, with $2.73 per share on revenue of $3.25 billion.

Chief Executive Vincent Roche commented on the company’s performance in the earnings release, stating, “For the fourth quarter, ADI delivered revenue and profitability above the midpoint of our outlook, despite the difficult macroeconomic environment.”

As a result of this news, shares of Analog Devices decreased by 2.9% in premarket trading on Tuesday, reaching $178.50. Despite this decline, the stock has still shown growth throughout the year with a 12% increase so far.

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