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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Analog Devices, Inc.    ADI

ANALOG DEVICES, INC.

(ADI)
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Analog Devices : shares dip as Huawei ban complicates 5G growth in China

11/24/2020 | 02:16pm EST

Nov 24 (Reuters) - Analog Devices Inc on Tuesday forecast fiscal first-quarter revenue that beat Wall Street expectations, but the chipmaker's shares dipped as executives said sales to Huawei Technologies Co Ltd would cease.

For the quarter ending in December, ADI estimated a revenue midpoint of $1.5 billion, beating analysts' expectations of $1.42 billion, according to IBES data from Refinitiv.

Shares dropped 1.4% after ADI announced the forecast with its results, but pared losses to 0.42% at mid-afternoon.

ADI chips are widely used in radio systems for 5G telecommunications networks. Sales to Huawei, which had accounted for about 2% to 3% of the total, will drop to zero because U.S. government regulations have effectively blocked almost all U.S. chip sales to the Chinese company, ADI officials said.

ADI Chief Executive Vincent Roche said in an interview the company expected 5G network buildouts to grow again in China sometime in the first half of calendar 2021, followed by new U.S. rollouts later in 2021 and in Europe in 2022.

"The buildout of 5G in China is going to take place with or without Huawei. It's been declared that it's an essential piece of infrastructure to keep modernizing the Chinese economy," Roche said. "There are two other very viable builders of 5G equipment in China, and there are also Samsung and the Europeans."

For its fiscal fourth quarter, ADI reported revenue of $1.53 billion and adjusted earnings per share of $1.44, beating analysts' expectations of $1.44 billion and $1.32 per share, according to Refinitiv data.

(Reporting by Stephen Nellis in San Francisco; Editing by Richard Chang)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANALOG DEVICES, INC. -0.34% 159.29 Delayed Quote.8.19%
SAMSUNG ELECTRONICS CO., LTD. 1.03% 88100 End-of-day quote.8.77%
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Financials (USD)
Sales 2021 6 249 M - -
Net income 2021 1 542 M - -
Net Debt 2021 3 779 M - -
P/E ratio 2021 38,3x
Yield 2021 1,60%
Capitalization 58 855 M 58 855 M -
EV / Sales 2021 10,0x
EV / Sales 2022 9,30x
Nbr of Employees 15 900
Free-Float 99,7%
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Technical analysis trends ANALOG DEVICES, INC.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 24
Average target price 161,55 $
Last Close Price 159,29 $
Spread / Highest target 16,8%
Spread / Average Target 1,42%
Spread / Lowest Target -18,4%
EPS Revisions
Managers and Directors
NameTitle
Vincent T. Roche President, Chief Executive Officer & Director
Raymond P. Stata Chairman
Steve Lattari Senior VP-Global Operations & Technology
Prashanth Mahendra-Rajah Chief Financial Officer & Senior VP-Finance
Daniel Leibholz Chief Technology Officer
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