SAN FRANCISCOProgrammable logic vendor Altera Corp. Tuesday (April 20) reported a net income of $153.2 million on record first quarter sales of $402.3 million, beating consensus analyst expectations and the company's own revised guidance for the period.
Net income, which equated to 50 cents per diluted share, was up nearly 49 percent compared with the fourth quarter of 2009 and up 246 percent compared with the first quarter of 2009, according to Altera (San Jose, Calif.).
Sales increased by 10 percent compared with the fourth quarter of 2009 and by 52 percent compared with the first quarter of 2009, Altera said.
Consensus analyst expectations had called for Altera to report sales of $396.7 million and a net income of 40 cents per share, according to Yahoo Finance.
"We are benefiting from growth in our 65-nm and 40-nm FPGAs as customer designs transition from prototyping into production," said John Daane, Altera's president, chairman and CEO, in a statement. "First quarter revenues are at an all-time high for Altera."
For the current quarter, Altera said it expects revenue of between $434.5 million and $460.6 million. Consensus analyst expectations for the current quarter had pegged Altera's revenue at about $401 million, according to Yahoo Finance.