SAN FRANCISCOChip vendor Analog Devices Inc. Wednesday (Feb. 17) reported revenue for its most recent quarter which exceeded consensus analyst expectations and issued a sales target for the current quarter that also topped most predictions.
ADI (Norwood, Mass.) posted revenue of $603 million for the quarter ended Jan. 30, an increase of 5.5 percent compared with the previous period and 26.5 percent compared with the year-ago period. The company posted a net income of $120.5 million for the quarter, up 14 percent sequentially and up 384 percent year-to-year.
Analysts had expected ADI to post revenue in the range of $575.5 million for the quarter, according to Yahoo Finance.
For the current quarter, ADI expects revenue to increase to between $635 million and $650 million. Analysts had pegged revenue for the current quarter at about $596 million, according to Yahoo Finance.
"Order rates from end customers were strong throughout the first quarter of fiscal 2010, increasing 8 percent sequentially," said Jerald Fishman, ADI's president and CEO, in a statement.
"As a result, the opening backlog for shipment in the second quarter increased substantially," Fishman said. "Based on order rates and customer feedback, we expect revenue from industrial and communications infrastructure customers to grow in the second quarter, and revenue from consumer customers to be approximately flat."