Analog Devices forecasts $3.9 billion Q3 revenue on AI demand
Analog Devices is expecting a big third quarter with $3.9 billion in revenue, topping Wall Street's prediction.
The boost comes from a surge in demand for its chips and sensors as more companies invest in AI tech for data centers and cars.
Last quarter, it already beat expectations with $3.62 billion in revenue.
Analog Devices to buy Empower Semiconductor
The company's adjusted earnings per share also outperformed forecasts last quarter, and it's aiming even higher for the third quarter.
CFO Richard Puccio shared that bookings hit record highs across industrial, automotive, and communications segments, all thanks to the AI boom.
Plus, Analog Devices just announced a $1.5 billion deal to buy Empower Semiconductor to strengthen its AI-focused offerings, and shares are up about 53% this year alone.