Analog Devices is giving chip investors some well-needed cheer. Early Wednesday, the company posted stellar earnings results and gave guidance above Wall Street's expectations.

The semiconductor firm (ticker: ADI) reported adjusted earnings per share of $2.40 for the April quarter, compared with the consensus estimate of $2.11 among Wall Street analysts tracked by FactSet. Revenue came in at $2.97 billion, which was above analysts' expectations of $2.842 billion.

Management's financial outlook was upbeat as well. Analog forecast a range of potential revenue for the current quarter with a midpoint of $3.05 billion, compared with the consensus view that revenue will be $2.895 billion.

Analog Devices shares initially rose following the release and fell slightly later in the session amid a falling stock market Wednesday. It recently changed hands at $163.18, down 0.4%.

Analog sells a broad-based portfolio of chips that go into products in nearly every sector of the economy. The company has more than 125,000 customers and is considered a bellwether for the technology industry and the economy.

In an interview with Barron's, CFO Prashanth Mahendra-Rajah said he was confident the company would be able to grow sequentially for three more quarters, citing the its order back log and supply constraints. He noted the chip maker doesn't have any manufacturing factories in China, where the Covid-19 lockdowns have been affecting some of its peers. The company is benefiting from a number of secular growth trends—including electric-vehicle sales that require its chips for battery management and entertainment systems.

Analysts have said Analog Devices may be more resilient than other chip companies because of its exposure to the automotive and industrial segments, where demand has been better than in other areas.

Raymond James analyst Chris Caso in a note to clients said the company's results were "exceptionally strong," noting the robust growth in each of its end markets. "While the market is worried about end demand, ADI clearly isn't seeing any weakness," he wrote. Caso has an Outperform rating on the stock with a $210 price target.

The iShares Semiconductor ETF (SOXX), which tracks the performance of the ICE Semiconductor Index, had declined by 22% through Tuesday, compared with a 14% drop for the S&P 500.