Chipmaker Analog Devices beat Wall Street's targets for its fiscal Q2 and guided higher than views for the current period.
Shares of manufacturer of analog chips, Analog Devices (NASDAQ:ADI) jumped 9.1% in the afternoon session after the company reported first-quarter results, which blew past analysts' EPS expectations. Revenue also came in ahead of expectations despite the company calling out "continued macro and inventory headwinds." Next quarter's revenue guidance came in higher than Wall Street's estimates. Notably, the company expects to return to sequential quarterly revenue growth amid a more stable customer
Analog Devices' (ADI) results for the fiscal second quarter are hurt by weakness across the industrial, communications, automotive and consumer markets.