Chip maker Analog Devices Inc. on Thursday lowered its forecast for first-quarter revenue by up to 13% on weaker-than-expected demand in the company's portable consumer business unit.

The Massachusetts-based company and supplier to Apple Inc. said it expects the adverse conditions to extend into the second quarter.

For the first quarter, Analog Devices said it now expects revenue between $745 million and $765 million, down from its previous projection of $805 million to $855 million. Analysts surveyed by Thomson Reuters expected revenue of $830 million.

Shares of Analog Devices, down 17% over the past three months, fell 2.9% to $49.06 in after-hours trading.

The company's consumer segment had been a key driver for Analog Devices. In its fourth quarter, which ended in October, revenue in the consumer segment more than tripled and represented about a third of the top line.

Analog Devices is considered one of Apple's key suppliers. In recent weeks, other companies that make parts for Apple products have warned about lower revenue, signaling to some that iPhone sales may be slowing.

ADI specializes in chips that convert radio and other analog signals into digital form. Its products are used in a broad array of electronic equipment, including factory-automation systems and portable electronic devices.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

January 14, 2016 18:05 ET (23:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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