UPDATE: Analog Devices Posts 2.4% Drop In FQ4 Profit, Issues Downbeat FQ1 Forecast
Analog Devices (NYSE: ADI) reported a 2.4% drop in its fiscal fourth-quarter earnings and issued downbeat forecast for the fiscal first quarter.
For the fiscal first-quarter, Analog Devices expects earnings of $0.40 to $0.48 per share on revenue drop of 6% to 12%. However, analysts were expecting a profit of $0.54 per share on revenue growth of 5%.
Analog Devices' quarterly profit fell to $179.2 million, or $0.58 per share, from $183.5 million, or $0.60 per share, in the year-ago period.
Its revenue fell 3% to $695 million. Analog Devices in August expected earnings of $0.54 to $0.60 per share on revenue of $685 million to $715 million.
Its gross margin declined to 63.8% from 64.3%.
Analog Devices shares dropped 2.77% to $39.00 in after-hours trading.
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