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Technology Stocks : Semi Equipment Analysis
SOXX 270.83+1.0%Nov 21 4:00 PM EST
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From: Return to Sender5/24/2023 11:15:25 AM
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Anusuya Lahiri
Wed, May 24, 2023 at 8:46 AM MDT

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ADI
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  • Analog Devices, Inc (NASDAQ: ADI) reported second-quarter FY23 revenue growth of 10% year-on-year to $3.26 billion, beating the consensus of $3.21 billion. Adjusted EPS of $2.83 beat the consensus of $2.75.

  • End Markets: Analog Devices' Industrial revenue grew 16% Y/Y to $1.74 billion.

  • Automotive revenue increased 24% Y/Y to $784.8 million. Communications revenue declined by 4% to $453.5 million, and Consumer revenue decreased by 22% to $280.1 million.

  • Margin: The adjusted gross margin declined by 50 bps to 73.7%. The adjusted operating margin grew by 90 bps to 51.2%.

  • Analog Devices held $1.18 billion in cash and equivalents and generated $1.08 billion in operating cash flow.

  • Dividend: The board declared a quarterly cash dividend of $0.86 per share.

  • Vincent Roche, CEO, and Chair. "Looking to the second half, we expect revenue to moderate given the continued economic uncertainty and normalizing supply chains."

  • Outlook: Analog Devices sees Q3 revenue of $3.10 billion, +/- $100 million, vs. the consensus of $3.16 billion.

  • The company sees adjusted EPS of $2.52, +/-$0.10, vs. the consensus of $2.65.

  • Price Action: ADI shares traded lower by 5.97% at $176.70 in the premarket session on the last check Wednesday

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    This article Analog Devices Stock Drops On Lackluster Q3 Outlook: Here's Why originally appeared on Benzinga.com
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