Chipmaker Analog Devices forecasts third-quarter revenue above estimates amid AI boom

May 20 (Reuters) - Chipmaker ‌Analog Devices ​forecast ​third-quarter revenue above Wall Street estimates on Wednesday, a sign of growing demand for ‌its power-management semiconductors and sensor components amid the ⁠AI boom.

Increasing investments in AI infrastructure have boosted demand across ‌data centers and automotive ‌systems, where higher processing speeds and complex data flows require more advanced components from suppliers like Analog ​Devices.

• The Wilmington, Massachusetts-based company expects third-quarter revenue of $3.9 billion, plus or minus $100 million, above analysts' ⁠average estimate of $3.62 billion, according to data compiled by LSEG.

• Revenue ​of $3.62 billion for the second quarter exceeded analysts' estimates of $3.51 billion.

• Analog Devices announced on ​Tuesday it would acquire Empower ‌Semiconductor for about $1.5 billion in cash in a bid to expand its AI-focused power ⁠management portfolio.

• The company reported adjusted earnings per share of $3.09 for the second quarter, beating estimates of $2.90.

• "We continued to ⁠see growing demand in the second quarter with record bookings ​across our B2B markets of Industrial, Automotive, and Communications," CFO Richard Puccio said in a statement.

• The company said it ‌expects third-quarter adjusted EPS of $3.30, plus or minus $0.15, compared with estimates of $3.00 per share.

• ‌Shares of the company have risen about 53% ⁠so far this year. ‌They were largely ​unchanged in volatile premarket trading on Wednesday.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Jonathan ‌Ananda)

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