Analog Devices Inc. (NAS:ADI) said Tuesday its fourth-quarter net income fell 79% to $99 million, or 16 cents a share, from $462 million, or $1.04 a share in the year-ago period. Adjusted earnings rose to $1.73 a share from $1.44 a share. Revenue increased by 53% to $2.34 billion. Analysts expected the semiconductor company to earn $1.70 a share on revenue of $2.25 billion, according to a survey by FactSet. Looking ahead, the company expects first-quarter adjusted earnings of $1.68 to $1.88 a share, compared to the analyst estimate of $1.71 a share. It's targeting first quarter revenue of $2.5 billion to $2.7 billion, against an analyst target of $2.38 billion. Shares of Analog Devices edged up by 0.2% in premarket trades.
Nov. 23, 2021, 7:22 a.m. EST