Altera Backs Quarterly Sales View

It still expects sequential growth of 1% to 4%.
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(ALTR) - Get Report

reaffirmed its forecast for a modest uptick in sales in the current quarter.

The San Jose, Calif., chip company issued its midquarter update after Tuesday's market close, sticking to its earlier projection of 1% to 4% sequential sales growth. That would put sales in Altera's current fiscal second quarter between $308 million and $317 million.

Analysts polled by Thomson Financial are looking for revenue of $313 million with EPS of 19 cents.

Altera's update did not mention any of the other figures in previous guidance, such as a projected gross margin of 65% to 66%.

The company said its new product business is showing strong growth compared to last quarter at this point in time, and that all products are growing sequentially.

Shares of Altera were off 7 cents at $22.86 in extended trading Tuesday.