UPDATE 1-Altera quarterly net falls, sales at low end
Thu Apr 27, 2006 5:17 PM ET
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SAN FRANCISCO, April 27 (Reuters) - Altera Corp. (ALTR.O: Quote, Profile, Research), a maker of programmable logic devices, on Thursday posted an 8 percent drop in profit on sales that were at the weak end of previously lowered expectations.
UPDATE 1-Altera quarterly net falls, sales at low end
Altera quarterly net falls
Net income for the first quarter, which included stock- based compensation expenses, fell to $58.7 million, or 16 cents per diluted share, from the year earlier quarter's $63.8 million, or 17 cents per diluted share.
Wall Street was looking for a net profit, on average, of 16 cents per share, according to Reuters Estimates.
Revenue grew a disappointing 4 percent to $292.8 million.
Analysts had been looking for revenue, on average, of $297.7 million. Growth forecasts ranged from 11 percent to 14 percent, according to Reuters Estimates.
In January, the company cut its outlook, saying it expected revenue growth of 4 percent to 7 percent during the first quarter compared with the fourth quarter ended in December 2005. It reaffirmed this outlook in early March.
Ahead of the report, Altera shares had gained 22 cents, or 1 percent to close at $21.61 on Nasdaq. The shares fell 1.4 percent to $21.30 in extended hours trading.
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