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.
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