Analog Devices Expects Revenue to Slide More. Chip Stocks Still Face Headwinds.

📆 8/23/2023 6:05 PM
📰 MarketWatch

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The company's guidance missed analysts' expectations, as sales were hit by weakness in telecoms and consumer electronics.

Analog Devices said Wednesday that weaker demand from telecommunications companies and consumer electronics makers was hitting its chip sales.

Analog Devices was expected to report earnings of $2.52 a share on revenue of $3.10 billion according to a FactSet poll of analysts’ estimates. The company’s quarterly revenue was down 1% from the same period a year ago. Revenue in its biggest markets, the industrial and automotive sectors, rose. However, it was hit by sharp falls in sales of chips for communications and consumer devices.

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