UPDATE: Analog Devices FQ3 Profit Down 23%
Analog Devices (NASDAQ: ADI) reported a 23% drop in its fiscal third-quarter net income.
Analog Devices expects Q4 earnings of $0.54 to $0.60 per share on revenue of $685 million and $715 million. However, analysts were expecting earnings of $0.60 per share on revenue of $714 million.
Analog Devices' quarterly profit fell to $169.8 million, or $0.56 per share, from $219.9 million, or $0.71 per share, in the year-ago period.
Its revenue declined 9.9% to $683 million. The company in May expected earnings of $0.54 to $0.58 per share on revenue of $681.4 million to $702.1 million.
Its gross margin dropped to 65.6% from 67.2%.
Analog Devices shares fell 0.40% to $40.18 in after-hours trading.
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