MXIM - Maxim Integrated shares drop despite FQ2 beats amid Analog Devices merger

Maxim Integrated Products (MXIM) shares slide 3.6% after hours despite reporting fiscal Q2 beats with revenue up 14% in the quarter to $628.2M.Due to the pending merger with Analog Devices, Maxim's buyback program and dividend remain suspended. The company also won't provide guidance or host an earnings call."Our strong performance in the December quarter relative to the same quarter last year benefitted from robust demand from automotive, industrial and consumer customers. Automotive and Industrial reached a record revenue level and comprised 63 percent of Maxim's total revenue. In addition, progress toward closure of our merger with Analog Devices is on track," says Tunc Doluca, President and CEO.Cash flow from operations totaled $210M and capex was $16M. Maxim ended the quarter with $1.8B in cash and equivalents.Press release.

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Maxim Integrated shares drop despite FQ2 beats amid Analog Devices merger