Altera’s Q1 Earnings Tumble 48% (ALTR)

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Semiconductor maker Altera Corporation ( ALTR ) late Thursday reported first quarter earnings results that fell substantially from last year, missing Wall Street's estimates.

The San Jose-based company reported first quarter net income of $115.8 million, or 35 cents per share, compared with $224.1 million, or 68 cents per share, in the year-ago period.

Revenue plunged 28% from last year to to $383.75 million.

On average, Wall Street analysts expected a higher profit of 36 cents per share, on much larger revenue of $422.70 million.

Looking ahead, ALTR forecast second quarter revenue to rise between 14% and 18% from first quarter levels.

Altera shares posted modest gains in aftermarket trading Thursday.

The Bottom Line
Shares of Altera Corporation ( ALTR ) have a .83% dividend yield, based on today's closing stock price of $38.50. The stock has technical support in the $34 price area. If the shares can firm up, we see overhead resistance around the $40-$41 price levels.

Altera Corporation ( ALTR ) is not recommended at this time, holding a Dividend.com 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 Nasdaq, Inc.

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