Analog Devices, Inc. (NASDAQ: ADI) has reported a double-digit increase in second-quarter revenues and adjusted profit. The chipmaker also provided guidance for the third quarter of 2022.
Second-quarter earnings, excluding special items, climbed to $2.40 per share from $1.54 per share in the comparable period of 2021. On a reported basis, net income was $783.3 million or $1.49 per share, compared to $422.9 million or $1.14 per share last year.
Driving the earnings growth, total revenues increased 79% annually to $2.97 billion. All four operating segments registered strong growth and the Automotive and Consumer divisions performed exceptionally well.
Shares of Analog Devices traded lower early Thursday after closing the previous session lower. ADI has lost about 10% since the beginning of 2022.
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