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Analog Devices posts strong Q3 results beyond AI-driven demand
Industrial and automotive revenue jumped, with industrial sales reaching just under $2 billion and up 53% year over year.
Analog Devices delivered fiscal Q3 results that pointed to strength beyond an AI-only narrative, with management citing growth across data center infrastructure as well as broader demand tied to industrial and automotive end markets, according to MarketBeat Ratings.
For the quarter ending Aug. 1, the company reported 39% year-over-year revenue growth, bringing sales to more than $4 billion, which was more than $100 million above analyst estimates. The company also posted earnings per share strength that beat expectations, with data center revenue rising more than double year over year in both optical and power categories.
MarketBeat Ratings said Analog’s data center performance also supported a growing addressable market and aligned with management expectations for double-digit growth over the next three or more years. At the same time, industrial revenue represented 49% of total sales last quarter, reaching just under $2 billion after surging 53% year over year, driven by automation, electronic test and measurement, aerospace and defense, and other demand.
The outlet added that the broader recovery appears to be benefiting diversified semiconductor peers, citing Microchip Technology as another company in the space that could be supported by demand returning across more traditional parts of the economy. Analog’s shares were noted as up 33% year to date.