Analog Devices Stock Plummets on Disappointing Q3 Performance and Turbulent Outlook
Shares of Analog Devices, a chip manufacturer, are sinking after the company provided disappointing guidance, causing concerns in the semiconductor sector.
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Analog Devices' Mixed Earnings Impact Auto and Chip Stocks.
Analog Devices, a semiconductor maker, reported a quarterly sales record but its stock still fell due to management comments about a dip in sales in the car business for the current quarter. However, Nvidia, another semiconductor company, escaped the stock decline.
Analog Devices' Impressive Earnings Followed by Weak Q3 Forecast, Stock Tumbles.
Analog Devices beat Wall Street's targets for its fiscal second quarter but its forecast for the current quarter missed views. The company earned an adjusted $2.83 a share on sales of $3.26 billion in the quarter ended April 29. For the current quarter, Analog Devices predicted adjusted earnings of $2.52 a share on sales of $3.1 billion. ADI stock dropped 7.8% to close at 173.20. Chip gear maker Photronics delivered a beat-and-raise quarterly report.