Shares of integrated circuits and solutions provider Analog Devices (NASDAQ:ADI) are sliding lower today after the company announced second-quarter numbers.
Revenue rose 9.8% year-over-year to $3.26 billion, outperforming estimates by $50 million. EPS at $2.83 too landed past estimates by about $0.08. While the company is seeing gains in Industrial and Automotive markets, it expects top-line moderation in the second half of the year owing to macroeconomic uncertainties and normalizing supply chains.
Looking ahead, for Q3, revenue is anticipated at $3.1 billion (+/-$100 million). EPS for the period is seen landing at $2.52 (+/-$0.10). Further, ADI has also declared a quarterly dividend of $0.86 per share. The dividend is payable on June 14 to investors of record on June 5.
Overall, the Street has a $238.66 consensus price target on ADI alongside a Strong Buy consensus rating.
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