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Analog Devices Tops Forecasts, Raises Outlook

Analog Devicesshares rose in after-hours trading after the company posted results that easily exceeded analysts' expectations and boosted guidance for the current quarter.

The semiconductor firm reported fiscal second-quarter earnings of 55 cents a share. ADI earned 21 cents a share during the same period a year earlier.

Sales for the most recent quarter rose to $668.2 million, up from $475 million last year.

The company was seen earning 50 cents a share on revenue of $644 million, according to a consensus from Thomson Reuters.

ADI also boosted its guidance for the fiscal third-quarter profit to between 59 cents and 61 cents a share on revenue of between $695 million $715 million. Earlier consensus was 52 cents a share and $658 million.

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Shares of ADI were up more than 3 percent in extended trading Tuesday.

The shares closed at $27.60 in the regular New York Stock Exchange session. Volume reached almost 6 million shares before the closing bell.

"The second quarter was one of the best quarters in ADI's history," said Jerald Fishman, CEO of ADI. "Revenue increased by 41 percent year-over-year and 11 percent sequentially, gross margin rose to 65 percent of revenue and operating margin increased to 32 percent of revenue."