Analog Devices earnings fall 37% in first quarter

SAN FRANCISCO (MarketWatch) -- Analog Devices said Wednesday afternoon that earnings for the first fiscal quarter slid by 37% as a drop in sales was offset by higher expenses. For the quarter ended Feb. 4, Analog Devices reported net income of $139.4 million, or 46 cents a share, compared to net income of $222.1 million, or 70 cents a share, for the same period the previous year. Revenue fell 11% to $648 milliion. Analysts were expecting earnings of 48 cents a share on revenue of $662.4 million for the period, according to consensus estimates from FactSet Research. The company also raised its regular quarterly dividend by 20% to 30 cents a share. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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