REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 23 (Reuters) - Analog Devices (ADI.O) forecast fourth-quarter revenue below Wall Street targets on Wednesday, in a sign that the chip industry inventory glut, fueled by weak consumer demand, might prevent fresh orders from flowing in.
U.S.-based Analog Devices projected fourth-quarter revenue of $2.70 billion, plus or minus $100 million, compared with analysts' average estimate of $3.01 billion, according to Refinitiv data.
Rival Texas Instruments (TXN.O) also forecast third-quarter revenue below market estimates as weak consumer demand prompted electronics makers to be cautious about buying chips.
Analog Devices also forecast fourth-quarter adjusted earnings of $2 per share, plus or minus 10 cents, below analysts' estimate of $2.39 per share profit.
Its third-quarter revenue fell about 1% to $3.08 billion, missing estimates, weighed by the consumer sector.
Persons:
Dado Ruvic, Vincent Roche, Arsheeya, Shilpi Majumdar
Organizations:
REUTERS, Research, Devices, Texas, ON Semiconductor, NXP Semiconductors, Thomson
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