Altera Shares Rise Following Earnings Post

Intel(INTC Quote) put on a show yesterday with its impressive earnings release, but another tech player was seeing a bounce this morning after its own showing.

Altera(ALTR Quote) shares gained 1.2%, or 19 cents, at $16.56 on Tuesday. But shares were jumping up another 6% before the opening bell this morning following its earnings release yesterday.

Though Altera's second quarter net income plummeted nearly 52% from the year-ago quarter, it still managed to beat street forecasts.

Earnings came to $47.4 million, or 16 cents per share, as compared to $98 million, or 32 cents per share from the second quarter last year. Those numbers were also impacted by an $11.5 million tax charge, or 4 cents per share. Sales for the chipmaker also fell 22% in the same period to $279.2 million.

Still, analysts surveyed by Thomson Reuters expected earnings per share to come to 16 cents on $277.6 million in revenue.

The San Jose, Calif.-based operation also showed a better recent upswing, with net income and sales growing sequentially. New product sales also grew 10% in the same period and 6% in the year-over.

There were, however, other downbeats in the company's earnings release. Looking forward, for example, Altera said its third-quarter results would show a 1% to 5% drop in sales compared to the second quarter.