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UPDATE 1-Auto, industrial chips boost Analog Device's profit, revenue beat

(Adds background, share price, adjusted numbers, compares with estimates)

Nov 21 (Reuters) - Chipmaker Analog Devices Inc on Tuesday reported a quarterly profit that beat analysts' estimates, led by demand from industrial, autonomous cars and connected devices market.

The Norwood, Massachusetts-based company which completed its $14.8 billion acquisition of fellow chipmaker Linear Technology in March creates chips that processes signals such as sound, light and temperature and convert them into digital signals.

Analog Devices has been benefiting from a healthy growth in its industrial segment coupled with the automotive business which is seeing sharp demand for its sensor chips from electric and self-driving vehicles.

The company's net income rose to $347.7 million, or 93 cents per share, in the fourth quarter ended Oct. 28, from $296.2 million, or $95 cents a share, a year earlier.

Excluding items, the company earned $1.45 per share. Revenue rose 53.6 percent to $1.54 billion.

Analysts on average were expecting a profit of $1.36 per share, on revenue of $1.50 billion, according to Thomson Reuters I/B/E/S.

The company's shares were down nearly 2 percent at $91.26 in premarket trading. (Reporting by Sonam Rai in Bengaluru; Editing by Shounak Dasgupta)