Chipmaker Analog Devices forecasts weak Q2 as excess supply hurts

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

(Reuters) - Chipmaker Analog Devices forecast second-quarter profit and revenue below estimates on Wednesday, as it grapples with uncertain demand from the industrial and automotive sectors.

The earnings follow a weak forecast from Texas Instruments last month and underscore the challenges facing the chip industry as businesses across sectors clear excess inventory that piled up with the pandemic-driven demand boom fading.