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affirmed its fourth-quarter sales guidance, saying it's gearing for revenue to be flat, give or take a couple of percentage points. At this rate, the company expects revenue to fall in the range of $177 million to $184 million.

Analysts currently assume sales will match up exactly with the third quarter, at $180 million. Pro forma earnings also are expected to stay the same, at 6 cents per share.

After hours, shares reversed the day's losses to gain 24 cents, or 1.8%, rising to $13.35. Earlier in Wednesday's trading, the stock surrendered 78 cents, or 5.6%.

In a statement, the company also said its latest family of chips, Stratix, is continuing to see a "smooth, rapid manufacturing rollout." Those chips debuted last May.

Prudential analyst Hans Mosesmann issued a note after Altera's update, saying the company is "strategically well-positioned with the Stratix launch." While he expects the PLD sector to outpace overall chip growth, he has a hold on the shares, citing a still-tough demand environment. Prudential doesn't do banking.