Altera Shares Slide on Lower Revenue View
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: tips@thestreet.comSelect the service that is right for you!
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