Analog Devices, Inc. (NASDAQ:ADI) shares rose more than 3% on Wednesday after the semiconductor company reported third-quarter earnings and revenue above analyst forecasts and issued stronger-than-expected guidance for the current quarter.
The company posted adjusted earnings per share of $2.05, beating the consensus estimate of $1.95. Revenue reached $2.88 billion, topping expectations of $2.76 billion and marking a 25% year-over-year increase. Growth was supported by double-digit expansion across all end markets despite ongoing geopolitical headwinds.
For the fourth quarter, Analog Devices projected adjusted EPS of $2.12 to $2.32, with the midpoint of $2.22 above analysts’ estimate of $2.03. Revenue is expected to range between $2.9 billion and $3.1 billion, compared with consensus expectations of $2.82 billion.
