UPDATE: Analog Devices FQ3 Profit Down 23%

Analog Devices

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.