COVID-19 Analog Devices business update
Analog Devices has provided a business update related to the coronavirus (COVID-19) pandemic. The economic and social effects caused by COVID-19 are currently creating supply chain disruption and uncertainty around future demand.
While customer demand in the quarter has been resilient, it has become increasingly difficult to quantify and forecast the business impact of COVID-19. As a result, ADI believes it is prudent to withdraw the company’s outlook for the fiscal second quarter, ending May 2nd, 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,” said Vincent Roche, President and CEO of Analog Devices. “We remain steadfastly committed to supporting our customers, suppliers, and partners to the best of our ability in this unprecedented environment.
“Throughout ADI’s 55-year history, we have encountered several ‘Black Swan’ events. I am confident we will successfully navigate this one as we have done before given the strength of our talent, technology, and customer and supplier relationships, in addition to our sound financial position.
“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.”
The company will provide a further update during its second quarter earnings release and call in May 2020.