Analog Devices (ADI:US) stock fell on Wednesday after the company’s fourth-quarter outlook fell short of analyst estimates.

The company reported a profit per share of $2.49, below the analyst estimate of $2.52. The FQ3 revenue totaled $3.08 billion, again slightly below the consensus of $3.1 billion.

Here is a breakdown of revenue for various segments:

  • Industrial revenue: $1.63 billion, slightly below the estimated $1.65 billion.

  • Communications revenue: $380.5 million, falling short of the estimated $410.9 million.

  • Automotive revenue: $747.6 million, surpassing the estimated $745.7 million.

  • Consumer revenue: $319.2 million, exceeding the estimated $288.9 million.

“In a challenging operating environment, ADI executed well, and delivered third quarter results within our expectations. However, the customer inventory adjustments we mentioned last quarter have accelerated as economic conditions deteriorate and our lead times continue to improve,” said Vincent Roche, CEO and Chair. 

“Despite the near-term turbulence, we have built a resilient business over many decades defined by our diversified customer and product portfolio and our flexible hybrid manufacturing model.”

For this quarter, the company anticipates EPS in the range of $1.90 to $2.10, missing the consensus estimate of $2.39. Additionally, Analog Devices foresees fourth-quarter revenue ranging from $2.6 billion to $2.8 billion, again below the consensus estimate of $3 billion.

Congress members Ro Khanna, Jared Moskowitz, and Rick Larsen were all trading ADI shares this year. Most recently. Rep. Larsen sold some ADI stock on July 05, when it closed at $190 apiece.

Shares were seen trading around the $170 mark on Wednesday.