* Sees fourth-quarter revenue down 8-10 pct
* Sees 2013 gross margin 69-70 pct
Dec 4 Programmable chipmaker Altera Corp
trimmed its fourth-quarter revenue expectation citing
less orders for its older products, sending its shares down 2
percent after the bell.
The company now expects sales to decline 8 percent to 10
percent from the preceeding quarter, which would equate to about
$450.5 million at the mid-point of the guidance. The company had
earlier forecast a sales decline of 6 to 10 percent.
Analysts on average were expecting revenue of $455.2
million, according to Thomson Reuters I/B/E/S.
The broader macroeconomic environment continues to hurt its
two biggest markets -- communications and military, Chief
Executive John Daane said on a conference call detailing the
company's mid-quarter update.
Altera, whose chips are used in everything from mobile phone
towers to servers and routers, has seen revenue decline in the
last five quarters as customers slash inventory and cut
For fiscal 2013, the company expects gross margins in the 69
percent to 70 percent range.
Shares of Altera, which has a market value of about $10.33
billion, fell 2 percent after the bell. They closed at $32.18 on
the Nasdaq on Tuesday.