Analog Devices forecasts sales above estimates despite 5G slowdown

Chipmaker Analog Devices Inc on Wednesday forecasted fiscal fourth quarter revenue above analysts’ prior expectations despite an anticipated slowdown in sales of chips for 5G networks.

ADI forecast fiscal fourth-quarter revenue of $1.44 billion, plus or minus 10%, and adjusted earnings per share of $1.32 per share, plus or minus 10 cents. Both forecasts beat analyst expectations of $1.41 billion in revenue and adjusted earnings per share of $1.24, according to IBES data from Refinitiv.