Analog Devices Stock Spikes Higher: Here’s Why
Shares of Analog Devices (ADI) popped higher in sympathy with peer Texas Instruments (TXN), which reported a beat on its first quarter top and bottom line.
Texas Instruments reported:
- Q1 revenue: $3.66 billion, beating the $3.611 billion estimate
- Q1 EPS: $1.20, beating the $1.08 billion estimate
Analog Devices and Texas Instruments are major players in the semiconductor industry. Their stocks often move together due to similar business models, market influences, and shared dependence on global tech demand and supply chain dynamics.
Texas Instruments also reported second quarter guidance, which is giving ADI a boost this evening as well. The company sees revenue to be in the range of $3.65 billion to $3.95 billion, versus the $3.77 billion estimate and EPS in the range of $1.05 to $1.25, versus the $1.16 estimate.
Analog Devices shares spiked following Texas Instruments’ earnings announcement. The company has a 52-week low of $154.99 and a 52-week high of $204.2.
