Analog Devices tumbles after weak Q3 forecast rattles investors
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Analog Devices (NASDAQ:ADI) fell more than 8% in early trading on Wednesday after the semiconductor equipment company forecast weaker-than-expected results for the upcoming quarter.
Looking to the third-quarter, Analog Devices (ADI) expects sales to be between $3B and $3.2B, with the mid-point below the $3.16B that analysts were expecting.
It also expects adjusted earnings to be $2.52 per share, plus or minus 10 cents, with the mid-point below the estimate of $2.65 per share.
Texas Instruments (TXN), which competes with Analog Devices, fell more than 1.5%, while NXP Semiconductors (NXPI) dropped more than 4% on back of the results. 
For the second-quarter, Analog (ADI) earned $2.83 per share, excluding one-time items, as revenue rose 9.8% year-over-year to $3.26B.
Analysts had forecast $2.76 per share in adjusted earnings and $3.21B in revenue.
Last week, Analog (ADI) said its current CFO, Prashanth Mahendra-Rajah, would leave the company at the end of its fiscal year. As a result, the company has started a search to find a successor. 
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