Planned logic device maker

Xilinx

(XLNX) - Get Report

was dropping in the after-hours session after reporting earnings that matched expectations but revenue that came in below analysts' estimates.

Xilinx reported net revenue that was nearly flat year over year at $289.9 million, compared with $289.3 in the same period last year. Net income calculated by generally accepted accounting principles matched expectations at $41 million, or 12 cents a share, a 20% sequential gain from $34.3 million, or 10 cents a share, in the prior quarter and a 21% increase year over year from $18.5 million, or 5 cents a share.

Xilinx was expected to earn 12 cents a share on $295.21 million in revenue, according to Thomson Financial/First Call.

The chipmaker closed down $1.08, or 5.2%, to $19.52. After hours, it was down more than 10%.

Xilinx and rival PLD maker

Altera

(ALTR) - Get Report

suffered through a wave of downgrades and price cuts in early July on worries over valuations and mounting inventories.