27 March 2020
Analog Devices withdraws fiscal Q2/2020 guidance in response to COVID-19
In a business update related to the coronavirus (COVID-19) pandemic, Analog Devices Inc (ADI) of Norwood, MA, USA (which provides mixed-signal ICs for cable access) notes that the economic and social effects caused by COVID-19 are creating supply-chain disruption and uncertainty around future demand. While customer demand in the quarter has been resilient, it has become increasingly difficult to quantify and forecast the business impact of COVID-19, the firm adds. As a result, ADI is withdrawing its outlook for its fiscal second-quarter 2020 (ending 2 May).
“We are stepping up to combat the COVID-19 pandemic by partnering with our customers and world-class healthcare organizations to deploy our innovative healthcare diagnostics solutions,” says president & CEO Vincent Roche. “We remain steadfastly committed to supporting our customers, suppliers, and partners to the best of our ability in this unprecedented environment,” he adds.
“Throughout ADI’s 55-year history, we have encountered several ‘Black Swan’ events,” Roche continues. “We will successfully navigate this one as we have done before given the strength of our talent, technology, and customer and supplier relationships, in addition to our sound financial position. While our team is moving with speed and agility to embrace these short-term challenges, we remain focused on investing in ADI for the long term.”