5 Companies Making Headlines on Earnings Reports

2. Analog Devices, Inc. (NASDAQ:ADI)

Number of Hedge Fund Holders: 72

Analog Devices, Inc. (NASDAQ:ADI) recently caught investors’ attention after delivering impressive profit and sales for its fiscal second quarter. The Massachusetts-based semiconductor giant benefitted from the solid demand for its technologies across all end markets.

The company reported adjusted earnings of $2.40 per share, well above $1.54 per share in the comparable period of 2021. Revenue for the quarter skyrocketed 78.9 percent on a year-over-year basis to $2.97 billion. Analysts were expecting Analog Devices, Inc. (NASDAQ:ADI) to report earnings of $2.11 per share on revenue of $2.84 billion.

Analog Devices, Inc. (NASDAQ:ADI) also released its financial outlook for the current quarter. It expects adjusted earnings of about $2.42 per share and revenue of approx. $3.05 billion for its fiscal third quarter.

Commenting on the results, CEO Vincent Roche said:

“ADI delivered its fifth consecutive quarter of record revenue, illustrating the unprecedented demand for our technologies and our ability to increase output in a challenging supply backdrop.”