Computer chip maker Altera Corporation (ALTR) released its fourth quarter earnings report late Wednesday, reporting a fall in profit and revenue that missed Wall Street expectations.
The San Jose, California-based company posted a fourth quarter profit of $121 million, or 37 cents per share, down -18% from $147 million, or 45 cents per share, earned a year earlier. This slightly missed Wall Street views as analysts, according to FactSet, were estimating an EPS of 39 cents for the quarter.
Fourth quarter revenue was down -4% to $439 million; this also missed the analyst view of $451 million.
CEO John Daane said that the sluggish world economy is too blame for poor sale of older products. However, sales of newer products saw significant growth, up +39% from a year earlier.
Altera shares were down $2.18, or -6.20%, during pre-market trading on Thursday. The stock is down -12.81% over the past year.
The Bottom Line
Shares of Altera Corporation (ALTR) have a 1.14% dividend yield, based on last night’s closing stock price of $35.18. The stock has technical support in the $30-$32 price area. If the shares can firm up, we see overhead resistance around the $38 price level.
Altera Corporation (ALTR) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.