Chipmaker Analog Devices' forecasts held back by inventory corrections

FILE PHOTO: Analog Devices' logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Chipmaker Analog Devices projected first-quarter revenue and profit below market estimates on Tuesday, as it grapples with the ongoing supply glut in the semiconductor industry.

Shares of the firm, whose chips are used in the automotive and telecom industries, fell 3.7% in premarket trading.

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