Auto, industrial chips boost Analog Device's profit, revenue beat

Chipmaker Analog Devices Inc on Tuesday reported a quarterly profit that beat analysts` estimates, led by demand from industrial, autonomous cars and connected devices market.

The Norwood, Massachusetts-based company — which completed its $14.8 billion acquisition of fellow chipmaker Linear Technology in March — creates chips that processes signals such as sound, light and temperature and convert them into digital signals.

Analog Devices has been benefiting from a healthy growth in its industrial segment coupled with the automotive business which is seeing sharp demand for its sensor chips from electric and self-driving vehicles.

The company`s net income rose to $347.7 million, or 93 cents per share, in the fourth quarter ended Oct. 28, from $296.2 million, or $95 cents a share, a year earlier.

Excluding items, the company earned $1.45 per share. Revenue rose 53.6 percent to $1.54 billion.

Analysts on average were expecting a profit of $1.36 per share, on revenue of $1.50 billion, according to Thomson Reuters I/B/E/S.

The company`s shares were down nearly 2 percent at $91.26 in premarket trading.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)