Jaque Silva / NurPhoto / Getty Images
Analog Devices shares soared to an all-time high Wednesday after the company’s fiscal first-quarter results beat expectations.
The chipmaker said it expects to return to growth this year, and its outlook surpassed the analyst consensus.
Analog Devices also said it authorized an additional share repurchase of $10 billion.
Analog Devices (ADI) shares soared to an all-time high Wednesday after the company’s fiscal first-quarter results topped expectations and the company boosted its share-buyback program.
The chipmaker posted first-quarter revenue of $2.42 billion, down 4% year-over-year but above the analyst consensus from Visible Alpha. Its adjusted earnings per share of $1.63 also topped expectations.
Chief Financial Officer Richard Puccio said Analog Devices expects to return to growth in fiscal 2025, driven by rising bookings and strength in its industrial and automotive segments. The company projects revenue of $2.4 billion to $2.6 billion for its fiscal second quarter, above the analyst consensus at the midpoint.
Analog Devices also said it authorized an additional $10 billion for share repurchases, bringing its total authorization to $11.5 billion. The company raised its dividend 8% to 99 cents per share as well.
Shares of Analog Devices were up over 9% at $241.17 in Wednesday afternoon trading, on track to close at an all-time high after setting an intraday record at $242.51. The stock has added about a quarter of its value in the past 12 months.
Read the original article on Investopedia
