Analog Devices Stock Plunges 7% on Guidance Miss
<p><a href='https://financialmodelingprep.com/financial-summary/ADI'>Analog Devices (NASDAQ:ADI)</a> shares dropped more than 7% on Wednesday after the company reported its Q2 earnings results. While both EPS of $2.83 and revenue of $3.26 billion came in better than the Street estimates of $2.75 and $3.21 billion, respectively, guidance missed the consensus estimates.</p>
<p>The company continued benefiting from rising semiconductor content in Automobile, Communications, and Industrial markets during the quarter.</p>
<p>For Q3/23, the company expects EPS to be in the range of $2.42-$2.62, compared to the Street estimate of $2.65, and revenue in the range of $3-$3.2 billion, compared to the Street estimate of $3.16 billion.</p>

NASDAQ:ADI