{"id":13716,"date":"2023-05-25T13:21:38","date_gmt":"2023-05-25T17:21:38","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/chipmaker-analog-devices-weak-forecast-sparks-share-selloff\/"},"modified":"2023-05-25T13:21:39","modified_gmt":"2023-05-25T17:21:39","slug":"chipmaker-analog-devices-weak-forecast-sparks-share-selloff","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13716","title":{"rendered":"Chipmaker Analog Devices’ weak forecast sparks share selloff"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Analog Devices’ logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS\/Dado Ruvic\/Illustration\/<\/span>
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(Reuters) -Analog Devices Inc said on Wednesday that a turbulent economy would weigh on its third-quarter results, sending the chipmaker’s shares down nearly 8%.<\/p>\n

The company forecast third-quarter revenue of $3.10 billion, plus or minus $100 million, the midpoint of which was lower than analysts’ estimates of $3.16 billion, according to Refinitiv data.<\/p>\n

Analog Devices <\/span><\/span> (NASDAQ:) also said it expects current-quarter adjusted profit of $2.52 per share, plus or minus 10 cents, below estimates of $2.65 per share.<\/p>\n

The dour forecast mirrors the weakness seen at peer Texas Instruments (NASDAQ:) Inc last month, with the chip industry struggling to shake off a slump that has led to a pile-up of inventory.<\/p>\n

“Looking to the second half, we expect revenue to moderate given the continued economic uncertainty and normalizing supply chains,” Analog Devices Chief Executive Vincent Roche said on Wednesday.<\/p>\n

Resilient demand from the industrial and automotive sectors helped the company’s second-quarter revenue rise 10% to $3.26 billion, beating estimates.<\/p>\n

Revenue at the company’s industrial segment, which accounts for more than half of Analog Devices’ revenue, rose 16%, while the automotive segment’s revenue increased 24%.<\/p>\n

The company earlier in May said that it would invest 630 million euros ($678.8 million) in a new research and development and manufacturing plant in Ireland, as it looks to boost its production capacity in Europe.<\/p>\n

Analog Devices said last week Prashanth Mahendra-Rajah would step down as finance chief at the end of the fiscal year.<\/p>\n

The company’s shares were down 7.9% at $173.04 on Wednesday.<\/p>\n

($1 = 0.9281 euro)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Analog Devices’ logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS\/Dado Ruvic\/Illustration\/ (Reuters) -Analog Devices Inc said on Wednesday that a turbulent economy would weigh on its third-quarter results, sending the chipmaker’s shares down nearly 8%. The company forecast third-quarter revenue of $3.10 billion, plus or […]<\/p>\n","protected":false},"author":1,"featured_media":657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-13716","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nChipmaker Analog Devices' weak forecast sparks share selloff | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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