SAN JOSE, Calif. Analog Devices, Inc. said quarterly sales may decline 25 to 30 percent for its first quarter of fiscal 2009, an additional 5 to 10 percent worse than its previous projections. The company blames the decline for the quarter ending January 31 on the economic downturn.
The news marks a significant downward revision from the company's last estimate. ADI said in late November it expected sales for the current quarter to be down 20 percent
The company said it sees "weakness in end demand and inventory reductions across the supply chain as a result of continued deterioration of global economic conditions."
It declined to provide more detail prior to its plan to release quarterly figures on February 18.
In November, ADI closed its fiscal year, reporting product revenue of $2.6 billion, an increase of six percent over 2007. At the time the company said it planned to reduce operating costs by ten percent in anticipation of the downturn.
In early December, the company closed its DSP design center in Austin, laying off 20 engineers.