Shares of chipmaker Analog Devices (ADI) - Get Report were rising slightly Tuesday despite the company's weak fourth-quarter results in which it missed analysts' earnings and revenue expectations and provided weak guidance.
The Norwood, Massachusetts-based company reported fourth-quarter net income of $266.7 million, down significantly from earnings of $404.9 million in the year-ago period. Adjusted earnings fell to $1.19 a share from $1.48 per share a year ago.
Revenue for the period fell to $1.44 billion from $1.54 billion a year ago.
Analysts were expecting the company to report earnings of $1.22 a share on revenue of $1.45 billion.
"ADI delivered solid fourth quarter and full-year results amidst continued trade and macro uncertainty," said Vincent Roche, president and CEO. "Over the course of the year, we generated revenue of $6 billion and effectively managed costs, while continuing to prioritize strategic investments to drive innovation."
The company said that it expects to earn between 93 cents and $1.07 a share on revenue between $1.25 billion and $1.35 billion for the fiscal first quarter. Analysts are expecting the company to report earnings of $1.18 a share on revenue of $1.43 billion.
Separately, the company declared a quarterly cash dividend of 54 cents a share, payable Dec. 17, to shareholders of record on Dec. 6.
"Looking ahead, the underlying fundamentals and long-term outlook for ADI are strong. Our diverse product portfolio of cutting-edge technologies is well positioned to solve customers' challenges and aligned with attractive secular trends that will shape the industry's future," Roche said.
Shares of the chipmaker were up 0.4% to $112.97 in trading Tuesday. The stock has gained more than 30% year to date.