For the fiscal 2021 second quarter ended May 1, Analog posted net income of $423 million, or $1.14 a share, up from $268 million, or 72 cents a share, in the year-earlier quarter.
Adjusted earnings per share surged to $1.54 in the latest quarter from $1.08. Analysts surveyed by FactSet predicted $1.45 for the latest quarter.
Revenue jumped 26% to $1.66 billion from $1.32 billion. The FactSet analyst consensus called for revenue of $1.61 billion.
The stock recently traded at $143.56, down 1.6%. It has dropped 9% over the past month amid the semiconductor shortage. And year to date through Tuesday the stock was off 1.2%.
For the third quarter, Analog estimates adjusted earnings per share of $1.61, topping the Bloomberg analyst forecast of $1.54.
And it anticipates revenue of $1.7 billion, beating the analyst consensus of $1.65 billion.
Analog Devices also beat analyst projections in the first quarter. It earned $388.5 million, or $1.04 a share, up from $203.9 million, or 55 cents, in the year-earlier quarter. The latest adjusted earnings came to $1.44 a share.
A survey of analysts by FactSet produced called for GAAP earnings of 93 cents a share, or an adjusted $1.33.
Revenue rose 20% to $1.56 billion, topping the FactSet consensus of $1.51 billion.
TheStreet.com Founder Jim Cramer said earlier this month that he’s not worried about the duration of the semiconductor shortage. “It's good that, at last, semis down first. Need to flush out these weak hands,” he tweeted.