Analog Devices fell Wednesday after the semiconductor company said that economic uncertainty was beginning to impact bookings.
Shares of the semiconductor company fell 4.3% Wednesday to $171.78. The stock has fallen 2.1% in 2022.
Analog Devices (ticker: ADI) reported adjusted earnings for its fiscal third quarter of $2.52 a share on revenue of $3.11 billion. Analysts surveyed by FactSet expected Analog Devices to report earnings of $2.43 a share on revenue of $3.06 billion. A year earlier, the company earned $1.72 a share on revenue of $1.76 billion.
For the fourth quarter, Analog Devices expects adjusted earnings of $2.57 a share plus or minus 10 cents on revenue of $3.15 billion, plus or minus $100 million. Analysts surveyed by FactSet forecast fourth-quarter earnings of $2.50 a share on revenue of $3.09 billion.
"While economic uncertainty is beginning to impact bookings, demand continues to outpace supply, resulting in higher backlog, paving the way for a strong finish to a banner year," Chief Executive Vincent Roche said in a press release.