Analog Devices stock rose 5% in premarket trading after beating Q2 expectations with strong guidance.

From Investing.com: 2024-05-22 07:09:02

Analog Devices (NASDAQ:ADI) saw shares rise 5% in premarket trading after reporting Q2 results above expectations. EPS was $1.40, beating estimates of $1.26, with revenue at $2.16 billion, surpassing projections of $2.1 billion. Q3 2024 EPS forecast is $1.40 to $1.60, and revenue guidance is $2.17 billion to $2.37 billion.

CEO Vincent Roche expressed optimism for a return to sequential growth in Q3, citing stable inventory levels and improving new orders. Adjusted gross margin for Q2 was slightly below estimates at 66.7%, while the adjusted operating margin exceeded estimates at 39%. This strong performance is driving confidence in a cyclical recovery.



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