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To: Johnny Canuck who wrote (59318)	5/22/2024 5:30:59 PM
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× Investor's Business DailyInvestor's Business DailyFREE - In Google Play VIEW LIVE COVERAGE: Nvidia Reports Booming Earnings, Raises Guidance Sign In TECHNOLOGY Chipmaker Analog Devices Posts Upbeat Report, Heralds Start Of Cyclical Recovery PATRICK SEITZ 04:02 PM ET 05/22/2024 Chipmaker Analog Devices ( ADI) on Wednesday beat Wall Street's targets for its fiscal second quarter and guided higher than views for the current period. ADI stock rose on the news. X 0 seconds of 0 seconds 00:00 The Wilmington, Mass.-based company earned an adjusted $1.40 a share on sales of $2.16 billion in the quarter ended May 4. Analysts polled by FactSet had expected earnings of $1.26 a share on sales of $2.11 billion. However, on a year-over-year basis, Analog Devices earnings fell 51% while sales declined 34%. Analog Devices' fiscal Q2 report marked its fourth straight quarter of declining sales and earnings as it navigates a cyclical downturn in demand. Analysts predict the declines will continue for three more quarters. For the current quarter, Analog Devices forecast adjusted earnings of $1.50 a share on sales of $2.27 billion. That's based on the midpoint of its guidance. Wall Street was modeling adjusted earnings of $1.34 a share on sales of $2.16 billion in the fiscal third quarter. ADI Stock Jumps After Q2 ReportOn the stock market today, ADI stock surged 10.9% to close at 240.16. In intraday trading, it notched a record high of 240.35. "ADI delivered second-quarter revenue above the midpoint of our outlook, despite continued macro and inventory headwinds," Chief Executive Vincent Roche said in a news release. He added, "We believe inventory rationalization across our broad customer base is stabilizing, clearing a path for us to return to sequential growth in the third quarter. This, coupled with improving new orders, gives us optimism that we are at the beginning of a cyclical recovery." Analog Devices makes radio frequency, power management and sensor semiconductors. Its chips are used in industrial, communications, automotive and consumer markets. In fiscal Q2, industrial chip sales accounted for 47% of the company's revenue. Automotive was the second largest segment at 30% of sales. ADI stock ranks seventh out of 33 stocks in IBD's semiconductor manufacturing industry group, according to IBD Stock Checkup. Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks. YOU MAY ALSO LIKE: Microsoft Flirts With Breakout On AI Software News Nvidia Customer Hits Pause. Lam Stock To Split. AI PCs To Drive Chip Sales. Broadcom's New Networking Gear Aims To Resolve AI Data Center Bottlenecks MarketSurge: Research, Charts, Data And Coaching All In One Place See Stocks On The List Of Leaders Near A Buy Point RELATED NEWS Indexes Close Lower As Fed Minutes Reveal These Fears; Nvidia Rises After Earnings9:35 AM ET Stocks were little changed, but tech took the lead as... Stocks Generating Improved Relative Strength: Analog Devices Chipmaker Analog Devices Forecasts Continued Weak Sales Analog Devices Shows Rising Relative Strength; Still Shy Of Key Threshold Analog Devices Stock Sees Relative Strength Rating Move Higher; Still Shy of Key Benchmark INVESTING RESOURCES TAKE A TRIAL TODAY IBD VIDEOS GET STARTED ABOUT US ADVERTISING CONTACT US TERMS OF USE PRIVACY POLICY ACCESSIBILITY STATEMENT SITE MAP IBD Stock Charts IBD Stock Checkup Stock Quotes MarketSurge Newsletters How to Buy Stocks How to Read Stock Charts When to Sell Stocks IBD Retail Locations Ad Choices Stock Market Today The Big Picture Economic Calendar Investing Workshops New to IBD Economy Technology Best Mutual Funds Awards Best Online Brokers Connect With Us On Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice. *Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets. Ownership data provided by Refinitiv and Estimates data provided by FactSet. © 2000-2024 Investor's Business Daily, LLC. All rights reserved