Analog Devices Inc. announced that its quarter-by-quarter revenues were down 4% in the third quarter of fiscal 2011, compared to the previous quarter. Despite the downturn, revenues were up 5% compared to the same quarter last year.
“After an unusually robust second quarter in which our revenue grew by 9% sequentially, revenue in the third quarter declined by 4% on a sequential basis while increasing 5% year-over-year,” said Jerald G. Fishman, President and CEO. “Nevertheless, most end markets remained relatively stable during the third quarter and we believe that most of the revenue shortfall was the result of supply chain recalibration, not a change in underlying demand.”