Welcome to our dedicated page for Analog Devices news (Ticker: ADI), a resource for investors and traders seeking the latest updates and insights on Analog Devices stock.
Analog Devices, Inc. (NASDAQ: ADI) is a leading global semiconductor company based in Wilmington, Massachusetts, specializing in data conversion, signal processing, and power management technology. ADI serves tens of thousands of customers worldwide, with a significant portion of its revenue stemming from industrial and automotive markets. Known for its innovative converter chips that translate analog signals to digital and vice versa, ADI's technology is pivotal in various applications, including wireless infrastructure equipment, digitized factories, and digital healthcare.
In fiscal 2023, Analog Devices achieved revenue milestones, recording $12.3 billion, driven by robust performances in its Industrial and Automotive segments. The company generated an operating cash flow of $4.8 billion and a free cash flow of $3.6 billion, enabling it to return more than $4.6 billion to shareholders through share repurchases and dividends.
Despite macroeconomic challenges, ADI continues to thrive, emphasizing innovation and customer engagement. The company recently announced significant technological advancements such as the Sensinel™ Cardiopulmonary Management (CPM) System, a wearable device with FDA 510(k) clearance, and partnerships with giants like Honeywell and BMW for enhanced connectivity solutions. Furthermore, ADI's hybrid manufacturing network, bolstered by strategic collaborations with TSMC and JASM, ensures resilient and scalable production capabilities.
With a product portfolio designed to leverage secular trends and a commitment to strategic investments, ADI remains confident in its ability to drive shareholder value. The company's forward-looking approach and consistent execution excellence position it as a steadfast leader in the semiconductor industry.
Analog Devices (ADI) reported fiscal Q2 2024 revenue of $2.16 billion, exceeding the midpoint of their outlook. Operating cash flow was $4.3 billion and free cash flow was $3.1 billion on a trailing twelve-month basis. The company returned over $675 million to shareholders through dividends and repurchases during the quarter.
Despite macroeconomic and inventory challenges, ADI achieved earnings per share (EPS) above their high-end outlook due to disciplined cost control. CEO Vincent Roche highlighted the stabilization of inventory rationalization and optimism for sequential growth in Q3 2024, along with new opportunities driven by the proliferation of the Intelligent Edge and AI investments.
However, compared to the same quarter last year, revenue dropped by 34%, gross margin fell by 1,100 basis points, and operating income decreased by 66%. Adjusted EPS also declined by 51%. The company forecasts Q3 2024 revenue at approximately $2.27 billion, with a reported EPS of $0.71 and adjusted EPS of $1.50.
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