exceeded both analysts' earnings estimates and revenue expectations for the first quarter of 2002.
Net income was $19 million for the maker of programmable logic devices, translating to 5 cents per share based on generally accepted accounting procedures, or GAAP. Revenue came in at $172 million.
Analysts were expecting 4 cents per share on revenue of $168.53 million, according to Thomson Financial/First Call.
The revenue is a 40% drop year over year, but represents a 5.8% increase from the fourth quarter of 2001.
Altera fell 75 cents, or 3.3%, to $21.65 in Monday trading before it announced earnings. After hours, it was trading down 1%.
beat expectations when it announced earnings last week.
Robertson Stephens analyst Eric Rothdeutsch said in a note last week that Altera may be losing market share in the growing PLD market to Xilinx. Still, Rothdeutsch noted, Altera had raised revenue guidance slightly at the end of February. Altera's performance beat the top end of its forecast by nearly a full percentage point.
Altera's book-to-bill ratio was greater than 1.0 in January and February -- and presumably March, Rothdeutsch said. He rates Altera market perform, and Robertson Stephens has not done banking for the company.