Semiconductor company Analog Devices, Inc. (NASDAQ: ADI) reported a sharp decline in revenues and adjusted profit for the second quarter of 2024.
Second-quarter earnings, excluding special items, declined 51% year-over-year to $1.40 per share from $2.83 per share last year. On a reported basis, net income plunged to $302.2 million or $0.61 per share in the April quarter from $977.7 million or $1.92 per share in Q2 2023.
The bottom line performance was negatively impacted by a 34% fall in revenues to $2.16 billion in the second quarter from $3.26 billion in the prior year period.
“ADI delivered second-quarter revenue above the midpoint of our outlook, despite continued macro and inventory headwinds. Further, the strength and resiliency of our business model, coupled with disciplined cost control, enabled us to achieve profitability and earnings per share above the high-end of our outlook,” said the company’s CEO Vincent Roche.