Analog Devices' quarterly profit more than doubled, driven by the sale of a business, while revenue at the maker of chips used in cars and video game consoles declined 2 percent.
Analog said Wednesday net income rose to $370.7 million, or $1.22 per share, for its first fiscal quarter ended Feb. 2, from $153.2 million, or 44 cents per share, a year ago. Revenue declined to $613.9 million from $656.6 million.
Excluding gains from the sale of a divested business and discontinued operations, Analog Devices had a profit of 40 cents per share.
In November, the Norwood, Massachusetts-based company said it expected a first-quarter profit, excluding the gains, of 38 cents per share to 42 cents per share, and revenue from continuing operations ranging from a 2 percent decline from the fourth-quarter level to a 2 percent increase.