Analog Devices Withdraws Q2 Revenue Outlook; Steps Up Efforts to Deploy Healthcare Solutions
Analog Devices withdrew its revenue outlook for fiscal Q2 ending May 2, citing supply chain disruption “and uncertainty around future demand.” Customer demand in the quarter has been “resilient,” the company said, but “it has become increasingly difficult to quantify…
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and forecast the business impact of COVID-19.” On a February earnings call, Chief Financial Officer Prashanth Mahendra-Rajah gave a Q2 revenue outlook of $1.35 billion, “plus or minus $50 million,” which included a $70 million revenue reduction due to near-term risks of the coronavirus. The company expected then for revenue to increase a mid-to-high-single-digit percentage sequentially, with growth across its industrial, automotive and communications markets. Thursday, CEO Vincent Roche said the company is “stepping up to combat the COVID-19 pandemic” by partnering with customers and healthcare organizations to deploy its healthcare diagnostics. It will provide a further update on its Q2 earnings call.