Altera Lowers Revenue Guidance
Chipmaker Altera (ALTR) lowered its revenue guidance for the second quarter, citing lower than expected international sales.
For the quarter ending June 30, the company expects revenue to decline in the range of 25% from the first quarter's top line of $287.4 million. Altera previously expected a sequential decline of 20%. That forecast would imply revenue of about $215.5 million for the second quarter.
According to Thomson Financial/First Call, analysts expect the company to bring in revenue of $237.8 million for the quarter, down from $340.7 million a year ago. Wall Street is looking for earnings of 10 cents a share, compared with 25 cents in the year-ago period.The company said North American resales to this point in the quarter are in line with prior expectations. Despite the reduced revenue outlook, Altera said inventories, at the company and its distributors, will decline in the quarter. Shares of Altera ended Nasdaq regular-session trading up 3.2% at $24. The company will post second-quarter results after the market closes on July 23.
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