SAN JOSE--Altera Corp. today reported a 55% increase in fourth-quarter sales to $368.0 million from $237.3 million in the period a year ago, but revenues dropped 7% sequentially from $395.4 million in the third quarter of 2000.
The programmable logic supplier just missed Wall Street's consensus on earnings in the fourth quarter of 2000, posting a pro forma net income of $0.25 per diluted share vs. $0.26 expected by analysts, based on a survey by First Call/Thomson Financial. An after-tax gain of $102.8 million from the sale of its interest in the WaferTech joint venture to Taiwan Semiconductor Manufacturing Co. Ltd. resulted in a net income of $205.5 million, Altera said.
"Although an industry-wide inventory correction is impacting demand in the short-term, our new product portfolio positions us well for long-term growth," said John Daane, president and CEO of Altera. The company downgraded its revenue projection for the fourth quarter last November when it realized sales were sluggish in distribution channels (see Nov. 29 story).