Shares of Analog Devices Inc. /zigman2/quotes/201631938/composite ADI -0.85% slumped 2.1% in premarket trading Wednesday after the chip maker reported a fiscal third-quarter profit and revenue that beat expectations, but provided a mixed fourth-quarter outlook. Net income for the quarter to Aug. 3 fell to $362.4 million, or 97 cents a share, from $408.6 million, or $1.08 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share declined to $1.26 from $1.51, but was above the FactSet consensus of $1.22. Revenue fell 5% to $1.48 billion, but topped the FactSet consensus of $1.45 billion, as industrial, consumer and communications segment revenue beat expectations while automotive revenue missed. For the fourth quarter, the company expects adjusted EPS of $1.22 plus-or-minus 7 cents ($1.15-$1.29), compared with the FactSet consensus of $1.29, and revenue of $1.45 billion +/- $50 million ($1.40 billion-$1.50 billion), while expectations are for $1.49 billion. Chief Executive Vincent Roche said "these uncertain times do not seem to be abating in the near term," but stressed that the company has navigated macroeconomic challenges before. The stock has run up 28.5% year to date through Tuesday, while the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX -0.08% has run up 29.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.01% has gained 15.7%.