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Analog Devices Stock Hits All-Time High After Earnings Beat, $10B Buyback Boost
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Key Points
- Shares of Analog Devices soared to a long history after the company’s first-quarter results exceeded expectations.
- The chip maker said it expects to grow again this year, with its outlook exceeding analyst consensus.
- The simulation device also said it authorized an additional $10 billion in buybacks.
Simulation equipment (Adid) Stocks surged to a historic Wednesday after the company’s highest first-quarter performance expectations, and the company raised its expectations. Share Purchase program.
this Chip Manufacturer Revenue released in the first quarter was $2.42 billion, down 4% Year-on-year But above Analyst consensus From visible alpha. Its adjusted earnings per share was $1.63, which also exceeded expectations.
The company expects to upgrade this fiscal year
CFO Richard Puccio said the simulation equipment is expected to grow again in fiscal 2025 driven by rising bookings and strength in its industrial and automotive sectors. The company’s second-quarter revenue was $2.4 billion to $2.6 billion, surpassing the consensus of midpoint analysts.
The simulation device also says it authorizes another $10 billion Shared repurchaseauthorized it to $11.5 billion. The company proposed dividend 8% to 99 cents per share.
In trading Wednesday afternoon, the analog device stock rose more than 9% to $241.17, which could be closed high all time after a record of $242.51. The stock has increased by a quarter of its value in the past 12 months.
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