Altera Corp. (ALTR) Shares Tumble on 3Q Report
Shares of Altera Corp. tumbled nearly 17 percent Wednesday afternoon after the programmable chip maker posted third-quarter revenue below Wall Street's expectations, and said its fourth-quarter sales may decline.
The company said Tuesday the third quarter proved "more challenging than anticipated" and sales to the communications and industrial markets were below expectations.
"Communications weakness was evident from high profile misses by equipment providers (Alcatel-Lucent, Ericsson, Tellabs, Nokia-Siemens) and was a cause of pre-quarter concerns," wrote Citi Investment Research analyst Glen Yeung in a note to investors. "Industrial weakness, a point highlighted by analog chip companies, is likely a consequence of the slowing economic environment."
Sales to the communications market, the analyst noted, comprised 40 percent of the company's revenue, and the industrial revenue was 33 percent.
The company said Tuesday the third quarter proved "more challenging than anticipated" and sales to the communications and industrial markets were below expectations.
"Communications weakness was evident from high profile misses by equipment providers (Alcatel-Lucent, Ericsson, Tellabs, Nokia-Siemens) and was a cause of pre-quarter concerns," wrote Citi Investment Research analyst Glen Yeung in a note to investors. "Industrial weakness, a point highlighted by analog chip companies, is likely a consequence of the slowing economic environment."
Sales to the communications market, the analyst noted, comprised 40 percent of the company's revenue, and the industrial revenue was 33 percent.
Labels: Altera Corp., ALTR
posted by Stock Administrator @ 2:10 PM
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