Microchip maker Analog Devices, Inc. (NASDAQ:ADI) early Monday posted market-beating fourth quarter earnings results and provided an upbeat outlook, sending its shares soaring in morning trading.
The Norwood, Massachusetts-based company reported Q4 adjusted net income of $1.05 per share, which was $0.15 better than the average Wall Street estimate of $0.90. Revenues rose 2.5% from last year to $1 billion, also beating out analysts’ view of $940 million.