Summary by Futu AI
Analog Devices reported Q3 FY2024 revenue of $2.31 billion, down 25% year-over-year, with net income declining 55% to $392.2 million. Gross margin contracted to 56.7% from 63.8% in the prior year, while diluted EPS fell to $0.79 from $1.74. The decline was primarily driven by broad-based weakness in demand across end markets.Industrial segment revenue dropped 37% YoY to $1.06 billion, while Automotive decreased 8% to $670.3 million. Communications revenue fell 26% to $266.6 million, though Consumer segment showed resilience with a 3% increase to $316.6 million. Operating expenses decreased by $212.2 million as the company implemented cost control measures amid the downturn.The company maintained strong cash generation with operating cash flow of $2.8 billion for the first nine months. The Board declared a quarterly dividend of $0.92 per share. Looking ahead, Analog Devices expects capital expenditures between $650-750 million for fiscal 2024 as it continues to invest in manufacturing capabilities while managing costs in the current environment.
