Analog Devices Inc. stock ADI, -0.32% was down nearly 8% in premarket trades Wednesday after the chip maker’s adjusted third-quarter profit missed Wall Street estimates. Analog Devices said its profit for the three months ended July 29 rose 4% to $929 million, or $1.74 a share, from $893 million, or $1.44 a share in the year-ago period. Analog Devices said its third-quarter adjusted profit totaled $2.49 a share, while analysts expected earnings of $2.52 a share, according to FactSet data.
The company’s revenue fell 1% to $3.08 billion, slightly short of the $3.1 billion analyst estimate. Chief executive Vincent Roche said the company faced a challenging operating environment but its results were within its expectations. He warned that the company faces “near-term turbulence” and that “customer inventory adjustments we mentioned last quarter have accelerated as economic conditions deteriorate and our lead times continue to improve.
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