Analog Devices, Inc (NASDAQ:ADI) stock traded higher Wednesday after it reported first-quarter fiscal 2024 results.
The company clocked a revenue decline of 22.7% year-on-year to $2.513 billion, beating the consensus of $2.499 billion. Adjusted EPS of $1.73 beat the consensus of $1.71.
Analog Devices’ Industrial revenue declined by 31% Y/Y to $1.2 billion. Automotive revenue increased 9% Y/Y to $739.2 million.
Communications revenue declined by 37% to $302.6 million, and Consumer revenue decreased by 22% to $274.1 million.
The adjusted gross margin declined by 460 bps to 69.0% as lower revenue weighed on the profits. The adjusted operating margin fell by …