Analog Devices Inc. ($ADI) stock dipped as much as 2% as markets opened on Wednesday despite the chipmaker topping fourth-quarter (Q4) earnings expectations, driven by a rebound in automotive chip demand.

Analog Devices ADI reported fourth-quarter fiscal 2024 non-GAAP earnings of $1.67 per share, which surpassed the Zacks Consensus Estimate by 1.83%. The bottom line came at the midpoint of management’s guidance but declined 16.

Analysts are estimating that Analog Devices will report an earnings per share (EPS) of $1.64. The announcement from Analog Devices is eagerly anticipated, with investors seeking news of surpassing estimates and favorable guidance for the next quarter.

Analog Devices surpassed earnings expectations for the fourth quarter of 2024, but faced significant yearly declines in key revenue segments.

Analog Devices stock was rising in premarket trading Tuesday after the chip maker’s fiscal fourth-quarter earnings outpaced analysts’ expectations. Adjusted earnings per share were reported at $1.67,

Analog Devices (ADI) on Tuesday reported better-than-expected fiscal fourth-quarter results, buoyed by a rebound in orders for the automotive market and a double-digit revenue gain in the consumer segment.