Analog Devices Reports Quarterly Profit Drop of 55%

Analog Devices, Inc. [ADI] reported a net profit of $392.2 million for the quarter ending August 3, 2024, marking a significant decrease of 55% from the previous quarter's earnings. This financial outcome was unveiled in the company's fiscal third-quarter 2024 results release.

The company, headquartered in Wilmington, Massachusetts, reported to SEC in an 8-K filing $0.79 earnings per share in the quarter, compared to $1.74 in the previous quarter.

Analog Devices, a prominent player in the semiconductor industry, reported revenue of $2.31 billion in the latest financial results. This figure reflects a 25% decrease compared to the revenue reported in the corresponding previous quarter.

In comparison to the same quarter of the previous year, Analog Devices witnessed a revenue decrease of 25% for the current quarter. Additionally, the company experienced a notable 55% decline in profit for the same quarter year-over-year.