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Analog Devices (NASDAQ: ADI) fiscal third-quarter revenue grew eight percent while income was in line with expectations and nearly flat on higher operating expenses.
Revenue increased to $727.6 million, from $674.2 million. Analysts expected $716.7 million.
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The chip-maker on Tuesday forecast fourth-quarter adjusted earnings of $0.66 to $0.70 a share, in line with Wall Street views, while it expects revenue of $790 million to $820 million. Analysts expect revenue of $761.2 million.
For the recent period, revenue was buoyed by the acquisition of Hittite Microwave near the end of the period. Growth was led by both the industrial and communications infrastructure markets, according to Chief Executive Vincent Roche.
Operating expense grew 20 percent to $273.7 million, from $226.7 a year earlier.
Earnings were up 2.4 percent to $180.6 million or $0.57 a share, from $176.2 million or $0.56 a share in the year-earlier period. Adjusted income in the recent period was $0.63 a share, in line with expectations.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.