Analog Devices, Inc. (ADI) aligned with analyst estimates for its fiscal fourth quarter ended October 2023. However, it offered an outlook below market estimates as the chipmaker grapples with an ongoing supply glut in the semiconductor industry.
ADI announced a reported revenue of $2.72 billion during its fiscal fourth quarter, representing a 16% decrease on a year-over-year basis. The gross margin for this period stood at $1.65 billion, 23% less than the previous year, with a reduction in the gross margin percentage by 540 basis points to 60.6%.
