Technology company Analog Devices, Inc. (NASDAQ: ADI) has reported a decrease in revenues and adjusted profit for the fourth quarter of 2024.
Fourth-quarter earnings, excluding special items, declined 17% year-over-year to $1.67 per share from $2.01 per share last year. On a reported basis, net income was $478.1 million or $0.96 per share in the October quarter, compared to $498.4 million or $1.00 per share in Q4 2023.
The bottom line was negatively impacted by a 10% fall in revenues to $2.44 billion in the fourth quarter from $2.72 billion in the prior year period.
“While macro uncertainty continues to limit the pace of our recovery, we remain cautiously optimistic for a strong growth year in fiscal 2025,” said the company’s CFO Richard Puccio.