Semiconductor producer, Analog Devices Inc.'s saw huge fiscal first-quarter profit as the device profited from reduced expenses and strong revenue.
Analog has forecast earnings of 48 to 51 cents from ongoing operations as well as revenue ranging between $635 million to $650 million for the second quarter. Wall Street was less optimistic predicting 41 cents and an approximate $597 million in revenue.
Order rates tacked on 8 percent in the last quarter, significantly augmenting Analog’s backlog.
The latest figures are an improvement but extension on Analog’s rebound in the quarter prior when the company saw higher demands as constumers replenished their supply and drove up the GDP.
Share of Analog rose 2.4 percent to $29.07 in after-hours trading.
Analog, the second largest analog chip producer after Texas Instruments (TXN) reported profits of $120.5 million or 40 cents per share in the quarter that ended January 30. These numbers are an immense improvement on the $24.9 million, or 9 cents a share earned only a year ago.
Major gains came primarily from automotive chips which saw an increase of 81%.
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