- Analog Devices, Inc (NASDAQ:ADI) reported second-quarter FY23 revenue growth of 10% year-on-year to $3.26 billion, beating the consensus of $3.21 billion. Adjusted EPS of $2.83 beat the consensus of $2.75.
- End Markets: Analog Devices’ Industrial revenue grew 16% Y/Y to $1.74 billion.
- Automotive revenue increased 24% Y/Y to $784.8 million. Communications revenue declined by 4% to $453.5 million, and Consumer revenue decreased by 22% to $280.1 million.
- Margin: The adjusted gross margin declined by 50 bps to 73.7%. The adjusted operating margin grew by 90 bps to 51.2%.
- Analog Devices held $1.18 billion in cash and equivalents and generated $1.08 billion in operating cash flow.
- Dividend: The board declared a quarterly cash dividend of $0.86 per share.
- Vincent Roche, CEO, and Chair. “Looking to the second half, we expect revenue to moderate given the continued economic uncertainty and normalizing supply chains.”
- Outlook: Analog Devices sees Q3 revenue of $3.10 billion, +/- $100 million, vs. the consensus of $3.16 billion.
- The company sees adjusted EPS of $2.52, +/-$0.10, vs. the consensus of $2.65.
- Price Action: ADI shares traded lower by 5.97% at $176.70 in the premarket session on the last check Wednesday
Dominari Holdings And This Other Penny Stock Insiders Are Aggressively Buying
The Dow Jones closed higher by over 200 points on Monday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
