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Analog Devices' Profit Plunges

Analog Devices

(ADI) - Get Analog Devices Inc. Report

matched Wall Street's earnings expectations, but the company saw its first-quarter pro forma net income fall 78% on reduced demand.

The PC and wireless phone chip maker said it earned $40.9 million, or 11 cents a share, down from $190.15 million in the year-ago quarter. According to Thomson Financial/First Call, analysts had been expecting 11 cents a share.

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Revenue fell to $393 million from $772.3 million in the year-ago period.

For the second quarter, Analog Devices forecast slight revenue gains of 3% to 5% on improved customer orders, but its earnings forecast of 12 cents to 13 cents a share falls short of the consensus First Call analyst estimate of 14 cents a share.