Analog Devices Stock Drops On Lackluster Q3 Outlook: Here's Why
Portfolio Pulse from Anusuya Lahiri
Analog Devices (ADI) reported Q2 FY23 revenue growth of 10% YoY to $3.26 billion, beating consensus estimates. However, the company's Q3 outlook is below expectations, with revenue forecasted at $3.10 billion and adjusted EPS at $2.52, causing the stock to drop 5.97% in premarket trading.
May 24, 2023 | 12:46 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Analog Devices' Q2 revenue beat estimates, but the company's Q3 outlook is below expectations, causing the stock to drop 5.97% in premarket trading.
Analog Devices reported better-than-expected Q2 results, but the company's Q3 outlook is below consensus estimates, which is likely to negatively impact the stock price in the short term. The weak outlook is attributed to continued economic uncertainty and normalizing supply chains.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100