Analog Devices withdraws second quarter outlook

While customer demand for Analog Devices, Inc., has been resilient during the quarter, the company says it has become increasingly difficult to quantify and forecast the business impact of COVID-19. As a result, ADI believes it is wise to withdraw the company’s outlook for the fiscal second quarter, ending May 2, 2020. “During this rapidly evolving situation, our top priority is the health and safety of our employees and the communities in which we operate. As an organization 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 Vincent Roche, President and CEO of Analog Devices, in a press release. “We remain steadfastly committed to supporting our customers, suppliers, and partners to the best of our ability in this unprecedented environment.” Roche continued, “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 and we will emerge from this pandemic stronger.”