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Analog Devices Profit Falls 17%

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Steven Jones
May 18, 2016 10:05

Last month, Apple posted its first quarterly decline in revenue in 13 years, as iPhone sales slowed.

Analysts polled by Thomson Reuters had expected per-share profit of 75 cents and revenue of $847 million.

Analog Devices specializes in chips that convert radio and other analog signals into a digital format.

In prepared remarks, Chief Executive Vincent Roche said that in the latest quarter broad strength in the company s business-to-business industrial, automotive, and communications infrastructure more than offset weakness in the consumer market.

For the current quarter, Analog Devices expects its business-to-business markets to grow in the mid-to-high single digits on a percentage basis from a year earlier, with its consumer revenue to return to growth quarter-to-quarter, Mr. Roche said.

For the period ended April 30, Analog Devices reported a profit of $170.6 million, or 55 cents a share, down from $205.3 million, or 65 cents a share, a year earlier.

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Steven Jones
May 18, 2016 10:05
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