Altera Backs Q2 Revenue Forecast; Sales Will Still Fall Significantly Year-over-Year (ALTR)

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Semiconductor maker Altera Corporation ( ALTR ) late Thursday reiterated its second quarter revenue forecast, citing continued demand for its latest chips.

The San Jose-based company said it still expects a 14% to 18% increase in second quarter revenue on a sequential basis. ALTR had previously provided that outlook back in April. Considering the company saw $548.4 million in revenue during last year's second quarter, its forecast implies a 17% to 20% decline in year-ago sales levels.

That range implies second quarter revenue of $437.5 million to $452.8 million. Analysts are currently looking for $445.9 million in revenue for the period.

Altera shares were mostly flat in premarket trading Friday.

The Bottom Line
Shares of Altera Corp ( ALTR ) have a .97% dividend yield, based on last night's closing stock price of $33.01. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $36-$38 price levels.

Altera Corporation ( ALTR ) is not recommended at this time, holding a DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: ALTR

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