NEW YORK ( TheStreet) -- Altera (ALTR) shares fell late Thursday after the chip maker lowered its fiscal fourth-quarter revenue outlook, citing widespread weakness from both small and large customers and across all geographies except North America.
San Jose, Calif.-based Altera now sees a sequential revenue decline of 13-to-16% in the quarter ending this month, a deeper drop than its prior projection of 7-to-11% from the third-quarter total of $522.5 million.
The current average estimate of analysts polled by Thomson Reuters is for revenue of $475 million in the December-ending period, implying a sequential decline of 9%.
"As the quarter has progressed, economic uncertainty, macroeconomic concerns, and, in some instances, lower than planned sales have resulted in customers reducing demand on Altera," the company said in a statement. "Consistent with the third quarter, Altera believes it will continue to under ship customer end demand in the fourth quarter. "The stock was last quoted at $33.81, down 4.7%, on volume of more than 180,000, according to Nasdaq.com. Altera is slated to report its fourth-quarter results on Jan. 24. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV