Analog Devices reported a quarterly profit that fell from a year ago but topped Wall Street's expectations, sending shares higher in extended trading.
The semiconductor maker said it earned 36 cents a share excluding in its fiscal fourth quarter, compared with 49 cents a share this time last year.
Sales for the most recent quarter reached $572 million, down from $661 million in the same period last year.
Analysts who follow ADI expected the company to earn 26 cents a share on a topline of $524 million.
Shares of Analog Devices [ ADI 28.98 
-0.19 (-0.65%) ] rose in extended trading on Monday. They closed at $27.93.
"We remain focused on increasing operating leverage, while continuing to drive revenue by aligning our investments with sustainable, high growth opportunities," said Jerald Fishman, CEO of ADI in a prepared statement.
Last week, Bank of America Merrill Lynch lowered its 2010 growth forecast for global semiconductor industry and downgraded ten chipmakers, including Intel [ INTC 21.27 
+0.02 (+0.09%) ], turning more cautious on the group on expectations of a modest overshoot in global supply chain inventories.
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—Wire services contributed to this story.
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