Analog Devices (ADI), announced that they will withdraw the company’s outlook for the fiscal second quarter, ending May 2, 2020. 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.
According to the company release, during this rapidly evolving situation, ADI’s top priority is the health and safety of its employees and the communities in which it operates. As an organization the company is stepping up to combat the COVID-19 pandemic by partnering with customers and world-class healthcare organizations to deploy innovative healthcare diagnostics solutions. ADI remains steadfastly committed to supporting customers, suppliers, and partners to the best of its ability in this unprecedented environment.
According to ADI President and CEO, Vincent Roche, throughout its 55-year history, ADI has encountered several “Black Swan” events. He is confident that the company will successfully navigate this one as it has done before given the strength of talent, technology, and customer and supplier relationships, in addition to sound financial position. And while the ADI team is moving with speed and agility to embrace these short-term challenges, the staff remains focused on investing in ADI for the long-term and emerge from this pandemic stronger.
Analog Devices will provide a further update during its second quarter earnings release and call in May 2020.