Q2 2024 Analog Devices Inc Earnings Call Transcript
Key Points
- Analog Devices Inc (ADI) reported Q2 revenue of $2.16 billion, exceeding the midpoint of their outlook.
- The company believes it has passed the low point of the cycle, with improving global manufacturing PMIs and stabilizing customer inventories.
- ADI has secured significant wins in the healthcare sector, particularly in surgical robotics and continuous glucose monitoring.
- The company is seeing strong performance in the automotive sector, driven by higher content vehicles and increased design wins.
- ADI is leveraging AI to enhance product offerings and internal operations, positioning itself for future growth in AI-related markets.
- Q2 revenue was down 34% year-over-year, indicating a significant decline compared to the previous year.
- Industrial revenue, which represents 47% of total revenue, was down 44% year-over-year due to inventory digestion.
- Automotive revenue, representing 30% of total revenue, was down 10% year-over-year, with broad-based declines offsetting growth in specific areas.
- Communications revenue, representing 11% of total revenue, was down 45% year-over-year due to weaker demand and inventory digestion.
- Consumer revenue, also representing 11% of total revenue, was down 9% year-over-year, with declines across most applications.
Good morning, and welcome to the Analog Devices Second Quarter Fiscal Year 2024 Earnings Conference Call, which is being audio webcast via telephone and over the web.
I'd now like to introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations and FP&A. Sir, the floor is yours.
Thank you, Gigi, and good morning, everybody. Thanks for joining our second quarter fiscal 2024 conference call. With me on the call today are ADI's CEO and Chair, Vincent Roche; and ADI's CFO, Rich Puccio.
For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com.
Onto the disclosures. The information we're about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties as further described in our earnings release and our periodic report and other materials filed with the SEC. Actual results could differ materially from the forward-looking information as these
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