SAN FRANCISCOProgrammable logic vendor Altera Corp. saw first quarter revenue decline 16 percent sequentially and 21 percent year-to-year, the company said Tuesday (April 21). The revenue decline was in line with revised guidance issued in March and not as severe as originally anticipated.
"The first quarter business environment was better than we originally anticipated yet overall remains quite challenging," said John Daane, Altera chairman, president and CEO, in statement.
Altera (San Jose, Calif.) posted a first quarter net income of $44 million, or 15 cents per diluted share, on revenue of $264.6 million, the company said. First quarter net income was down 47 percent sequentially and 48 percent year-to-year, Altera said.
Altera said it expects to see a sequential sales increase in the second quarter of 2 to 7 percent.
Daane noted that Altera notched double digit sequential growth in sales to wireless customers in the first quarter, including those targeting 3G deployments in China. Sales of 40-nm FPGAs are growing quickly, Daane said, describing it as the fastest product ramp in the company's history.
The first quarter results include a previously announced restructuring charge of about $5.2 million, Altera said. First quarter tax expenses include $2 million related to a recently enacted change in California tax law, the firm said.
Altera's board of directors declared a quarterly cash dividend of 5 centsper share payable on June 1 to stockholders of record on May 11, Altera said.