Analog Devices Stock Sinks on Weak Outlook. It’s Bad News for Chip Stocks.

📆 23/08/2023 16:59:00
📰 MarketWatch

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Analog Devices shares dropped on Wednesday after its quarterly guidance missed analysts' expectations. Other semiconductor companies with big industrial and...

Analog Devices shares were sinking early on Wednesday after the chip manufacturer gave disappointing guidance. It’s a warning that sent jitters through the semiconductor sector.

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. For its fourth quarter Analog Devices forecast adjusted earnings per share of $2.00, plus or minus 10 cents, and revenue of $2.70 billion, plus or minus $100 million. That was below analysts’ previous expectations of adjusted EPS of $2.40 on revenue of $3.01 billion, according to FactSet.

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