Altera Corporation (NASDAQ: ALTR) has given its mid-quarter update and the results are somewhat of a disappointment. The company now sees guidance at a decline of 7% to 9% sequentially rather than the preliminary guidance of a drop of 5% to 9% sequentially. At the mid-point, the drop is only -8% expected now versus -7% expected a couple of months ago. Still, many technology and chip companies have risen and the hope is that orders are normalizing.
We already saw Cypress Semiconductor Corporation (NASDAQ: CY) guide lower earlier in the week.
Altera noted that the adjustment lower is “largely the result of program timing in the military vertical market and continued softness in sales to wireless customers… the company has experienced somewhat more pronounced and broader than anticipated inventory adjustment related weakness…”
The company said that it continues to expect that revenue in the second quarter of 2012 will be above first quarter levels and its quarter-to-date book to bill ratio remains above 1.0.
Altera shares closed at $37.42 against a 52-week range of $30.39 to $49.59 and there is hardly a reaction in the after-hours trading session.
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