Analog Devices Beats On Q2 As Inventory Rationalization Takes Effect, CEO Predicts Cyclical Recovery And Growth In AI Investments
Portfolio Pulse from Anusuya Lahiri
Analog Devices, Inc. (NASDAQ: ADI) reported fiscal Q2 2024 results, beating analyst estimates despite a 34% YoY revenue decline. The company expects a cyclical recovery and growth in AI investments.
May 22, 2024 | 2:21 pm
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Analog Devices reported better-than-expected Q2 2024 results, with revenue of $2.16 billion and adjusted EPS of $1.40, both beating analyst estimates. Despite a significant YoY revenue decline, the company expects a cyclical recovery and growth in AI investments.
The better-than-expected earnings and optimistic outlook for a cyclical recovery and AI investments are likely to positively impact ADI's stock price in the short term. The 6.4% increase in share price reflects investor confidence.
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