Chipmaker Analog Devices (Nasdaq: ADI) Q2 earnings and revenue beat analysts expectations. However, the stock fell about 2% in the early hours of pre-market trading due to weak Q3 outlook and recovered later.
Adjusted earnings per share declined 9% year-over-year to $1.36 and revenue dropped 2% to $1.53 billion for the second quarter ended May 4, 2019. Analysts had projected the company to post earnings of $1.30 per share on revenue of $1.5 billion.
For the third quarter of 2019, Analog Devices expects GAAP EPS to be $0.86, +/- $0.07, and adjusted EPS to be $1.22, +/- $0.07. Revenue for the third quarter is forecasted to be $1.45 billion, +/- $50 million.
Analog Devices stated that this guidance considers the estimated impact on ADI from the U.S. Government’s recently announced export restrictions on Huawei Technologies. As of now, Analog Devices had ceased shipments of products to Huawei, and is reviewing the ability to resume shipments under the recently announced temporary general license.
Also read: Texas Instruments Q1 earnings results
“We continue to execute exceptionally well in an uncertain environment. Revenue and EPS came in at the high-end of our guidance, led by strong growth in our communication applications across multiple markets,” said CEO Vincent Roche.
Shares of Analog Devices, which closed up 2.44% at $99.88 on Tuesday, have gained 16% so far this year and 5% in the past 12 months.
Most Popular
Microsoft (MSFT) reports higher revenue and profit for Q3 2024
Microsoft Corp. (NASDAQ: MSFT) on Thursday said its third-quarter 2024 earnings increased year-over-year, reflecting strong performance by the tech giant’s main operating segments. Third-quarter revenues came in at $61.86 billion,
GOOG, GOOGL Earnings: All you need to know about Alphabet’s Q1 2024 earnings results
Alphabet Inc. (NASDAQ: GOOG, GOOGL) reported its first quarter 2024 earnings results today. Revenues increased 15% year-over-year to $80.5 billion. Revenue growth was 16% in constant currency. Net income was
MRK Earnings: Merck Q1 2024 profit jumps on 9% revenue growth
Pharmaceutical company Merck & Co. Inc. (NYSE: MRK) reported a sharp increase in adjusted earnings for the first quarter of 2024, aided by an increase in revenues. First-quarter worldwide sales
Comments