Chipmaker Altera's results beat estimates
(Reuters) - Altera Corp (ALTR.O) reported better-than-expected fourth-quarter results, helped by higher sales of its new programmable chips.
Altera's shares were up 3 percent in extended trading after closing at $32.93 on the Nasdaq on Thursday.
The company's fourth-quarter revenue rose 3 percent to $454.4 million from a year earlier.
New products accounted for 47 percent of the total revenue, Chief Financial Officer Ronald Pasek said in a post-earnings call.
Net income fell to $98.9 million, or 31 cents per share, in the quarter ended December 31, from $120.8 million, or 37 cents per share, a year earlier.
Analysts on average had expected earnings of 30 cents per share on revenue of $442.1 million, according to Thomson Reuters I/B/E/S.
Altera also said it expected revenue in the current quarter to be down 2 to 6 percent from the preceding three months.
This would imply revenue within a range of $427 million to $445.5 million. Analysts on average were expecting revenue of $447.7 million.
Finance chief Pasek said 28 nanometer revenue is expected to rise about 30 percent in the current quarter from the fourth quarter.
Revenue from 28 nanometer chips was $44 million in the fourth quarter, an increase of 33 percent from the third quarter.
Rival Xilinx on Tuesday forecast current-quarter revenue largely below Wall Street's estimates, hurt by weak sales to telecom, aerospace and defense customers.
(Reporting By Aurindom Mukherjee and Sruthi Ramakrishnan in Bangalore; Editing by Savio D'Souza)
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