Semiconductor company Analog Devices, Inc. (NASDAQ: ADI) reported a sharp decline in revenues and adjusted profit for the first quarter of 2024.
Q1 earnings, excluding special items, declined 37% year-over-year to $1.73 per share from $2.75 per share last year. On a reported basis, net income plunged to $462.7 million or $0.93 per share in the January quarter from $961.5 million or $1.88 per share in Q1 2023.
The bottom line performance was negatively impacted by a 23% fall in revenues to $2.51 billion in the first quarter from $3.25 billion in the prior year period.
“ADI delivered first-quarter revenue and profitability above the midpoint of our outlook, despite the continued difficult macroeconomic environment,” said the company’s CEO Vincent Roche.