Analog Devices Says Sales Fall 6% in Latest Quarter
26 November 2019 - 2:42PM
Dow Jones News
By Micah Maidenberg
Analog Devices Inc. (ADI) said sales weakened in its latest
quarter amid a challenging global economic environment.
The Norwood, Mass.-based semiconductor maker Tuesday reported
$1.44 billion in sales for its fiscal fourth quarter, down 6%
compared with last year.
Analysts polled by FactSet predicted Analog would generate $1.45
billion in sales for the latest quarter, which ended Nov. 2.
Analog Devices Chief Executive Vincent Roche cited "continued
trade and macro uncertainty" in a statement about results.
The company reported net income of $277.7 million, or 74 cents a
share, for the quarter, down from $404.9 million, or $1.08 a share,
last year.
Analog also reported an adjusted profit of $1.19 a share, 3
cents less than what analysts had predicted for the quarter.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
November 26, 2019 08:27 ET (13:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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