Shares of Norwood, Mass-based semiconductor maker Analog Devices Inc. (ADI) - Get Report  were up 2.7% in trading Wednesday after the company reported first-quarter earnings and revenue that topped analysts' expectations. 

The company ended the quarter with a net profit of $355 million, or $1.33 a share on an adjusted basis. Analysts polled by Zacks Investment Research were expecting the company to report earnings of $1.28.

The company reported revenue of $1.54 billion, slightly ahead of Zacks estimate of $1.51 billion. 

"In what is a challenging macroeconomic environment, the diversity and strong execution of our franchise continued to deliver outstanding financial results for the first quarter," said Vincent Roche, president and CEO. "Revenue came in at the high-end of our guidance with continued strength in our communications market related to ongoing 4G upgrades and initial 5G deployments. Further, we returned more than $400 million of cash to our shareholders this quarter through share repurchases, which reduced our overall share count, and dividends."

For the current quarter, the company is forecasting revenue between $1 billion and $2 billion and adjusted earnings between $1.23 and $1.37 a share. Analysts are expecting the company to report revenue of $1.52 billion and earnings of $1.30 a share. 

The company also announced that its board approved a quarterly cash dividend of 54 cents, payable March 12, to shareholders of record on March 1.