NEW YORK (
) -- Shares of
leapt in late trades on Tuesday after the company made a SEC filing announcing Robert J. Finocchio stepped down from his post as director on Dec. 22.
Finocchio's resignation comes just weeks after Altera lowered its fiscal fourth-quarter revenue outlook, citing widespread weakness from both small and large customers and across all geographies except North America.
The chipmaker said Dec. 8 that it now sees a sequential revenue decline of 13%-16% in the quarter ending this month, a deeper drop than its prior projection of 7%-11% from the third-quarter total of $522.5 million.
The stock advanced 1% to $37.57 on volume of more than 600,000, according to
slipped in the extended session after the chipmaker lowered its forecast for fiscal fourth-quarter revenue.
The San Jose-based company cut its earnings estimates to between $56 million and $57 million, below the $61.6 million analysts were expecting. The company cited weakness in the enterprise, service provider and the broadband and consumer market segments.
The stock fell 2% to $26.50 on volume of more than 175,000.
-- Written by Kaitlyn Kiernan in New York.
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