Analog Devices (ADI) shares soared to a record high Wednesday after the semiconductor maker posted better-than-expected results and guidance as inventory backlogs🍎 eased.

The company reported fiscal second-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.40, beating estimates. Revenue slumped 34% year-over-year to $2.16 billion, but that, too, was above forecasts.

'Beginning of a Cyclical Recovery'

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Vincent Roche explained that revenue exceeded the midpoint of its outlook “despite continued macro and inventory headwinds.” However, he pointed out that the company believes that “inventory rationalization across our broad customer base is stabilizing, clearing a path for us to return to sequential gr🀅owth in the third quarter.” Roche added that the improving inventory picture, along with a rise in new orders, “gives us☂ optimism that we are at the beginning of a cyclical recovery.” 

Analog Devices sees current-quarter adjusted EPS of $1.50, p🌳lus or minus $0.10, with revenue of $2.27 billion, plus or minus $100 million. Both midpoints were higher than anticipated. 

Shares of Analog Devices were up 8% to $233.94 as of 11:08 a.m. ET Wednesday after touching an all-time high $234.67 earlier in the session. They are up about 18% so far in 2024.