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Analog Devices Triples Earnings

May 18, 2000|Reuters

Analog Devices Inc. said earnings more than tripled in its fiscal second quarter amid booming demand for its computer chips that transform sound and video into digital data. The company also forecast higher third-quarter results and said revenue could rise more than 65% for the full year to exceed $2.4 billion. Just last month, the company had projected revenue growth of 50% to 55% for the year.

In the latest quarter, profit jumped to $122.1 million, or 32 cents a share, from $39.6 million, or 11 cents, beating analyst forecasts of 28 cents. Revenue surged 71% to $581 million.

Analog Devices specializes in digital signal processors, which are a crucial component in wireless phones as well as Internet access devices such as modems and consumer electronics.

Based on its backlog, the company said it expects third-quarter earnings of 36 to 37 cents a share, up from 15 cents a year ago, on revenue of $640 million to $650 million. The earnings report and outlook pushed Analog Devices shares up $5.75 to close at $73.50 on the NYSE.

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