Analog Devices Inc. ADI reported second-quarter fiscal 2020 adjusted earnings of $1.08 per share, beating the Zacks Consensus Estimate of $1.05. However, the bottom line decreased 21% year over year.Revenues of $1.32 billion missed the Zacks Consensus Estimate of $1.33 billion. Also, the top line declined 14% year over year.B2B revenues were up 3% sequentially on the communication and industrial sectors.Operating DetailsNon-GAAP gross margin contracted 290 basis points (bps) on a year-over-year basis to 67.7%.Total operating expenses were $506.2 million, down 10.9% from the year-ago quarter.Non-GAAP operating margin shrunk 350 bps on a year-over-year basis to 38% during the reported quarter.Analog Devices, Inc. Price, Consensus and EPS Surprise Analog Devices, Inc. price-consensus-eps-surprise-chart | Analog Devices, Inc. QuoteBalance Sheet & Cash FlowAt the end of the fiscal second quarter, cash and cash equivalents were $784.9 million, up from $654.4 million at the end of the fiscal first quarter.Long-term debt was $5.1 billion, up from the previous quarter’s $4.7 billion.Net cash provided by operations was $429 million in the fiscal second quarter, up from the $349.6 million witnessed in the last quarter.The company generated $369 million of free cash flow during the fiscal second quarter.Additionally, Analog Devices returned $343 million to shareholders through dividends and share repurchases in the reported quarter.GuidanceFor third-quarter fiscal 2020, Analog Devices expects revenues to be $1.32 billion (+/- $70 million). The Zacks Consensus Estimate for the same is pegged at $1.34 billion.Non-GAAP earnings are estimated to be $1.08 (+/- $0.11) per share. The consensus mark for the same is pegged at $1.06 per share.The company anticipates non-GAAP operating margins to be 38.3% (+/- 150 bps).Zacks Rank & Key PicksAnalog Devices currently carries a Zacks Rank #3 (Hold).A few better-ranked stocks in the broader technology sector include Wayfair Inc. W, MONOTARO MONOY and Inphi Corporation IPHI, each currently carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The long-term earnings growth rate for Wayfair, Inuvo, and Inphi is currently projected at 23.04%, 17.2% and 37.7%, respectively.Looking for Stocks with Skyrocketing Upside? Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Analog Devices, Inc. (ADI): Free Stock Analysis Report Wayfair Inc. (W): Free Stock Analysis Report Inphi Corporation (IPHI): Free Stock Analysis Report MONOTARO (MONOY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research