Net income registered $267.7 million, or 72 cents a share, in the quarter ended May 2, down from $367.9 million, or 98 cents a share, in the year-earlier quarter.
Adjusted profit totaled $1.08 a share, down from $1.36 a share. Analysts polled by FactSet estimated $1.03.
Revenue lagged analysts’ forecasts. It fell 14% to $1.32 billion from $1.53 billion a year ago. Analysts surveyed by Zacks anticipated revenue of $1.34 billion in the latest quarter.
The company has pivoted toward health-related products in light of the coronavirus pandemic.
“During this unprecedented time, ADI has moved with speed and agility to pivot our supply chain and meet customer demand, expediting production and shipments of essential products, including solutions used in medical equipment in the fight against COVID-19,” Analog CEO Vincent Roche said in a statement.
“Our diversification across customers, applications, and markets are mitigating weaker global business activity. This enabled us to deliver second-quarter results within our original guidance range and generate solid free cash flow, underscoring the strength and flexibility of our business model in any economic backdrop,” the company said.
Free cash flow totaled $369 million in the latest quarter, the company said. Analog Devices maintained its dividend at 62 cents a share.
Analog shares traded at $114.82 in trading Wednesday, up 7.98%. The stock has dropped 15% over the past three months, compared to a 13% slide for the S&P 500.