Analog Devices Beats Second-quarter Earning Expectations

Shares of Analog Devices, Inc. were up 7% in premarket trade Wednesday after the company beat second-quarter earning expectations. The company reported net income of $93.6 million, or 27 cents per share, down from $170.6 million, or 55 cents per share, in the year-earlier period. It reported adjusted earnings per share of $1.03, above the FactSet consensus of 85 cents. Revenue was $1.1 billion, up from $778 million in the year-earlier period and in line with the FactSet consensus of $1.1 billion. The company expects revenue between $1.34 billion and $142 billion for the third quarter on a GAAP basis. The FactSet consensus was for revenue of $1.35 billion. Shares of Analog Devices have gained 11.3% in the past month, compared to the S&P 500's gain of 1.2%.