Analog Devices Q1 Earnings: Revenue Decline Offset by Automotive Growth and Dividend Hike

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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 …

Full story available on Benzinga.com


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