Analog Devices’ (ADI) fiscal first quarter earnings beat the Zacks Consensus Estimate by a penny. Revenue was more or less in line with expectations. Results were within management’s expectations on revenue and slightly exceeded on the gross and operating margin lines. Analog Devices shares reacted positively in after-hours trading, rising 1.5%. We also note that while earnings continue to beat the Zacks Consensus, the surprise percentage has been trending down over the past few quarters. This explains the reason for the relatively small movement in Analog Devices share prices in response to the earnings announcement. Revenue Analog Devices generated revenue of $728.5 million, which was down 5.4% sequentially, up 20.8% year over year and at the high end of management’s revenue guidance of $715-740 million (down 4-7% sequentially, up 19-23%
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