ADI - These Analysts Boost Their Forecasts On Analog Devices After Upbeat Results | Benzinga
Analog Devices, Inc. (NASDAQ:ADI) posted better-than-expected second-quarter financial results on Wednesday.
The company's revenue declined 34% year-on-year to $2.16 billion, beating the analyst consensus estimate of $2.11 billion. Adjusted EPS of $1.40 beat the analyst consensus estimate of $1.26, according to data from Benzinga Pro.
The adjusted gross margin declined by 700 bps to 66.7% as lower revenue weighed on the profits. The adjusted operating margin fell by 1,220 bps to 39.0%.
Vincent Roche, CEO and Chair, said, "We believe inventory rationalization across our broad customer base is stabilizing, clearing a path ...