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Chip giant Analog Devices (ADI) narrowly beat Wall Street's fiscal third-quarter expectations Wednesday, but ADI stock fell alongside the broader chip market.
On today's stock market, ADI stock tumbled 5% to 170.13. Shares are forming a long cup with a buy point at 192.05, according to MarketSmith.com. The fall came alongside a broader downturn for chip stocks, which tumbled a collective 2.7%.
Still, Analog Devices Chief Executive Vincent Roche remained upbeat.
"While economic uncertainty is beginning to impact bookings, demand continues to outpace supply, resulting in higher backlog, paving the way for a strong finish to a banner year," he said in a written statement.
During the quarter ended June 30, Analog Devices earned $2.52 per share, surging 47% on a year-over-year basis. Sales rocketed 77% higher to $3.11 billion. Both measures easily topped ADI stock analyst estimates for a respective $2.43 and $3.06 billion, according to FactSet.
Analog Devices noted it hit record industrial, automotive and communications revenue.
For the current quarter, the company guided to $3.15 billion in sales, plus or minus $100 million, and adjusted earnings of $2.57 per share, at the midpoint. Both measures beat ADI stock analyst estimates for $3.11 billion and $2.50, respectively.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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