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WILMINGTON, Mass. (AP) — WILMINGTON, Mass. (AP) — Analog Devices Inc. (ADI) on Wednesday reported fiscal first-quarter net income of $462.7 million.
On a per-share basis, the Wilmington, Massachusetts-based company said it had profit of 93 cents. Earnings, adjusted for one-time gains and costs, came to $1.73 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.71 per share.
The semiconductor maker posted revenue of $2.51 billion in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $2.5 billion.
Analog Devices shares have declined nearly 5% since the beginning of the year, while the S&P's 500 index has climbed slightly more than 4%. The stock has fallen roughly 2% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADI at https://www.zacks.com/ap/ADI