Analog Devices Q3 Earnings Analysis: Profit Decreases Amid Lower Revenues
Q3 2024 Earnings Overview
Analog Devices, Inc. (NASDAQ: ADI), a leading chipmaker, reported disappointing earnings for the third quarter of 2024. The company experienced a year-over-year revenue decline of 25%, resulting in total revenues of $2.31 billion, compared to $3.08 billion in Q3 2023.
Financial Performance Details
- Earnings per share landed at $1.58, a notable drop from $2.49 a year ago, equating to a 37% year-over-year decline.
- Reported net income fell to $392.2 million or $0.79 per share, down from $877.0 million or $1.74 per share in the previous year.
Future Outlook
CFO Richard Puccio stated, "Improved customer inventory levels and order momentum, across most of our markets, position us to grow again sequentially in our fourth quarter, increasing our confidence that we are past the trough of this cycle. However, economic and geopolitical uncertainty continues to limit the pace of the recovery." This indicates potential challenges ahead as the company seeks to stabilize.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.