Analog Devices Cuts Q1 Revenue Outlook

(RTTNews) - Analog Devices Inc. (ADI), Thursday said it expects revenue for the first quarter to be $745 million to $765 million, down from prior outlook of $805 million to $855 million.

Analysts polled by Thomson Reuters currently estimate revenues of $829.57 million for the quarter.

The company lowered its outlook due to weaker than forecasted customer demand in the company's portable consumer business unit, which began in December, and is expected to continue into the second fiscal quarter.

For the first quarter, the company expects earnings of $0.47 to $0.51 per share and adjusted earnings of $0.51 to $0.55 per share. Analysts currently estimate earnings of $0.69 per share.