Cramer says he has ‘not seen a disappointment’ like Analog Devices Q3 report

August 23, 2023 08:15 AM PDT | By Invezz

Cramer says he has ‘not seen a disappointment’ like Analog Devices Q3 report — Image source: Invezz

Analog Devices sees continued turbulence

The stock is down today also because Analog Devices warned of continued “turbulence” in the near-term. It now forecasts $2.70 billion in revenue on $2.0 of adjusted per-share earnings for its current fiscal quarter.

In comparison, analysts had called for $2.40 a share and $3.01 billion instead. On CNBC’s “Squawk on the Street”, famed investor Jim Cramer dubbed the company’s quarterly update a reminder that not all chipmakers are having the time of their lives right now like Nvidia.

Remember, there are semis that aren’t hitting it out of the park.

Note that Nvidia is scheduled to report today as well after the bell. Consensus is for it to report $1.8 of per-share earnings for its recently concluded quarter versus 32 cents only a year ago.

Analog Devices Q3 financial highlights

Earned $929 million versus the year-ago $893 million
Per-share earnings also climbed from $1.44 to $1.74
Adjusted EPS printed at $2.49 as per the press release
Revenue slid 1.0% year-over-year to $3.08 billion
Consensus was $2.52 per share on $3.1 billion revenue

Analog Devices attributed much of the weakness in its third quarter to its consumer business. According to Jim Cramer:

I have not seen a disappointment like this … the consumer, again, is weak.

Shares of Analog Devices have now lost more than 15% this month.

The post Cramer says he has ‘not seen a disappointment’ like Analog Devices Q3 report appeared first on Invezz.

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