Press release
Analog Devices Reports Third Quarter Fiscal 2023 Financial Results
Revenue of $3.08 billion with continued year-over-year growth in Industrial & Automotive Operating cash flow of $4.8 billion and free cash flow of $3.7
About this update from Analog Devices, Inc.
[{"type":"text","content":"\n\nRevenue of $3.08 billion with continued year-over-year growth in Industrial & Automotive\n\n\n\nOperating cash flow of $4.8 billion and free cash flow of $3.7 billion on a trailing twelve-month basis\n\n\n\nReturned $1.1 billion to shareholders via $0.7 billion in share repurchases and $0.4 billion in dividends during the third quarter\n\n\n\n WILMINGTON, Mass.--(BUSINESS WIRE)--\nAnalog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its third quarter fiscal year 2023, which ended July 29, 2023.\n\n\n“In a challenging operating environment, ADI executed well, and delivered third quarter results within our expectations. However, the customer inventory adjustments we mentioned last quarter have accelerated as economic conditions deteriorate and our lead times continue to improve,” said Vincent Roche, CEO and Chair. “Despite the near-term turbulence, we have built a resilient business over many decades defined by our diversified customer and product portfolio and our flexible hybrid manufacturing model. This enables us to endure softer demand periods, while sustaining strategic investments to ensure we capitalize when the business inflects.”\n\n\nRoche continued, “Our tremendous optimism in ADI’s long-term outlook is undiminished. In this rapidly digitalizing world, our portfolio is aligned to an unprecedented number of secular trends, including Industry 4.0, Electrification, Digital Healthcare, Immersive Consumer, and Advanced Connectivity. These trends, coupled with our cutting-edge solutions, will enable ADI to empower the next waves of innovation at the Intelligent Edge, and unlock value for all stakeholders.”\n\n\nPerformance for the Third Quarter of Fiscal 2023\n\n\n\n\nResults Summary(1)\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n(in millions, except per-share amounts and percentages)\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nJul. 29, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nJul. 30, 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,076\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\...