Altera

(ALTR) - Get Report

, a maker ofprogrammable logic devices, said Monday that it notched third-quarter revenues of $180.1 million.

Revenue edged up 3% from year-ago levels and 1%from the prior quarter.

In trading Tuesday, Altera was down 61 cents, or 5.4%, to $10.80.

On net income of $23.4 million, the companygenerated earnings per share of 6 cents, in line withexpectations and flat with last quarter's levels. Thecompany said its gross profit margin, excluding abenefit from a write-off in inventory, was 60.8%.

In the third quarter, Altera spent $36.7 millionto repurchase 3.1 million shares of its common stock.It also said the company's board of directorshad approved an increase in the shares authorized forrepurchase, under an ongoing buyback plan, from 48million to 68 million shares. Since the plan waslaunched in 1996, the company has bought nearly 45million shares at a cost of $1 billion.

Altera exited the third quarter with $885.3million in cash and short-term investments.

Altera's sales performance was a little betterthan that of competitor

Xilinx

(XLNX) - Get Report

, which last week said its revenue slid4% on a sequential basis. Xilinx expects fourth-quarter revenue to be flat to up 3%.