Analog Devices (NASDAQ:ADI) shares dropped more than 7% on Wednesday after the company reported its Q2 earnings results. While both EPS of $2.83 and revenue of $3.26 billion came in better than the Street estimates of $2.75 and $3.21 billion, respectively, guidance missed the consensus estimates.

The company continued benefiting from rising semiconductor content in Automobile, Communications, and Industrial markets during the quarter.

For Q3/23, the company expects EPS to be in the range of $2.42-$2.62, compared to the Street estimate of $2.65, and revenue in the range of $3-$3.2 billion, compared to the Street estimate of $3.16 billion.