The stock of Analog Devices (ADI) is up 5% after the semiconductor company reported earnings and guidance that topped Wall Street estimates.
Analog Devices announced earnings per share (EPS) of $1.40 U.S. for what was its fiscal second quarter. That beat analysts’ consensus forecasts of $1.26 U.S.
Revenue in the period totaled $2.16 billion U.S., which beat expectations for $2.11 billion U.S.
The company, which makes semiconductors used in data conversion and signal processing, attributed the strong results to rising orders and demand for its products.
In particular, Analog Devices said that it is seeing a rise in demand for its automotive and industrial microchips following a prolonged slump coming out of the Covid-19 pandemic.
Looking ahead, Analog Devices raised its forecast for the current quarter, saying it expects revenue of $2.27 billion U.S., plus or minus $100 million U.S.
Analysts had been forecasting $2.16 billion U.S. in fiscal third-quarter sales.
Prior to day (May 22), the stock of Analog Devices had increased 13% over the last 12 months and was trading at $216.64 U.S. per share.