In a scheduled midquarter update, chipmaker

Altera

(ALTR) - Get Report

said after the bell Tuesday that it expects sequential revenue growth at the high end of its previous guidance for the second quarter.

The company previously forecast sequential revenue growth of 7% to 9%, or a range of $260 million to $265 million for the quarter ending in June. Currently, analysts expect earnings of 17 cents a share on $262.4 million in revenue, according to Thomson First Call.

After the bell, Altera shares were recently down 26 cents, or 1.1%, to $22.57. In regular trading Tuesday, the stock slid 6 cents, or 0.3%, to $22.83.