Shares of Analog Devices Inc. ADI, +0.97% slumped 2.5% in premarket trade Wednesday, after the analog technology company reported fiscal third-quarter earnings and revenue that topped expectations, but provided an uneven profit outlook. Net income for the quarter to Aug. 4 rose to $414.5 million, $1.10 a share, from $68.9 million, or 18 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.53, above the FactSet consensus of $1.46. Revenue rose 10% to $1.57 billion, topping the FactSet consensus of $1.52 billion, as better-than-expected automotive, consumer and communications revenue offset a miss in industrial revenue. The company said it expects fourth-quarter adjusted EPS of $1.52, plus-or-minus 6 cents, compared with the FactSet consensus of $1.52. Separately, the company said late Tuesday that it has reinstated its share repurchase program, and authorized an additional $2 billion in buybacks. The stock had gained 7.7% year to date through Tuesday, while the S&P 500 SPX, +0.05% had tacked on 7.1%.
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