Analog Devices' logo is pictured on a smartphone in this illustration taken, December 4, 2021.
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 21 (Reuters) - Chipmaker Analog Devices (ADI.O) projected first-quarter revenue and profit below market estimates on Tuesday, as it grapples with the ongoing supply glut in the semiconductor industry.
Inflation-hit customers have refrained from placing new orders for chips, leading to excess supply at companies such as Analog Devices after a pandemic-driven buying spree fizzled out.
First-quarter adjusted earnings are expected to be $1.70 per share, plus or minus 10 cents, below analysts' average estimates of $1.90.
Cautious spending by automakers fearing a slowdown in their electric-vehicle businesses has also weighed on orders at Analog Devices.
Persons:
Dado Ruvic, Vincent Roche, Arsheeya, Tasim Zahid
Organizations:
REUTERS, Texas, Analog Devices, Thomson
Locations:
Bengaluru