Analog Devices rises after forecasting Q4 revenue above estimates
ADI•Shares rise after upbeat fourth-quarter outlook
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Shares of chipmaker Analog Devices
ADI.Owere up 1.7% at $382.26 premarket. -
ADI expects Q4 revenue to be $4.3 billion, +/- $100 million, versus Wall Street estimates of $4.07 billion, according to data compiled by LSEG.
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The company said its Q3 revenue rose 40% to $4.02 billion, compared with analysts' estimates of $3.92 billion.
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"Demand continued to strengthen across our product portfolio and regions throughout the third quarter, which is reflected in our record fourth-quarter outlook," CFO Richard Puccio said.
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Up to the last close, the stock was up about 39% this year.
