Analog Devices forecasts sales above estimates as it adds chipmaking capacity

Analog Devices Inc on Tuesday forecast fiscal first-quarter sales above Wall Street estimates as it said that hundreds of millions of dollars in investments would boost its chipmaking capacity.

Wilmington, Massachusetts-based ADI makes chips that go into industrial robots, 5G telecommunications equipment and, increasingly, automobiles. The company said it expects fiscal first-quarter sales and adjusted profits with midpoints $2.6 billion and $1.78 per share, versus analyst estimates of $2.49 billion and $1.70 per share, according to IBES data from Refinitiv.