UPDATE 1-Altera quarterly net slips as margins pressured
Mon Oct 24, 2005 04:51 PM ET
(Adds detail on quarter, outlook)
SAN FRANCISCO, Oct 24 (Reuters) - Programmable chipmaker Altera Corp. (ALTR.O: Quote, Profile, Research) said on Monday its quarterly profit slipped as gross margin narrowed due to higher costs but revenue was in line with its own forecast.
The company also issued a revenue forecast for the current that was slightly below current Wall Street estimates and shares ticked down by 1 percent in after-hours trade.
The company said third-quarter net income fell to $77.8 million, or 21 cents per share, from $83.1 million, or 22 cents per share.
Revenue rose to $291.5 million from $264.6 million.
Analysts expected Altera to earn 20 cents per share, on average, on revenue of $291.1 million, according to Reuters Estimates.
For the current quarter, Altera said revenue will be unchanged from the just-reported quarter, plus or minus 2 percent, and gross margin will be in a range of 66 percent.
An increase of 2 percent implies fourth-quarter revenue of $297.4 million, compared with an average Wall Street estimate of $302.4 million.
Shares of Altera rose 37 cents, or 2.1 percent, to close at $17.73 on Nasdaq. In extended trade on Inet, the shares declined to $17.55. |
