Analog Devices Q2 revenue $2.16B, -34% YoY; EPS $0.61, -68% YoY; sees sequential growth in Q3

ANALOG DEVICES INC

2024-Q2 EPS reported $1.53 revenue$4,671,743,000

Revenue $2.159B, down 34% YoY; GAAP diluted EPS $0.61, down 68% YoY.
Adjusted gross margin 66.7%, down 700 bps YoY; adjusted operating margin 39.0%.
Operating cash flow $808M in Q2; free cash flow $620M; trailing 12-month free cash flow $3.1B.
Returned $675M to shareholders via dividends ($456M) and buybacks ($222M) in Q2.
CEO cites inventory stabilization, improving orders, and expects return to sequential growth in Q3.

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