Summary by Moomoo AI
Analog Devices reported a 23% year-over-year revenue decline to $9.43 billion for fiscal 2024, with net income falling 51% to $1.64 billion. The company attributed the weaker performance to challenging macroeconomic conditions, particularly impacting its Industrial and Communications end markets. Gross margin contracted to 57.1% from 64.0% in the prior year due to lower factory utilization and unfavorable product mix.Despite the headwinds, ADI maintained a strong cash position, with $2.4 billion in cash and short-term investments at year-end. The company continued to return value to shareholders, declaring a quarterly dividend of $0.92 per share. ADI also repurchased $361.8 million of common stock during the fourth quarter, with $1.7 billion remaining under its current repurchase authorization.Looking ahead, Analog Devices expects capital expenditures for fiscal 2025 to be between 4% and 6% of revenue as it continues to invest in enhancing global resiliency and diversifying its manufacturing footprint. The company remains focused on strategic growth areas including digital biology, life sciences, and sustainability, while maintaining a cautious outlook given the uncertain macroeconomic environment.
