SAN FRANCISCO—Programmable logic vendor Altera Corp. Tuesday (Sept. 6) cut its third quarter sales target, citing weaker demand in several vertical markets.
Altera (San Jose, Calif.) said it now expects third quarter sales to be between $566.9 million and $590.2 million, a range of down 3 percent to up 1 percent compared to the second quarter. Altera previously said it expected third quarter sales to grow 2 to 6 percent sequentially to between $596.3 million and $619.5 million.
Demand is weaker than expected in vertical markets including telecom and wireless, particularly outside Asia, Altera said. Demand is also weaker than expected in the industrial automation, military and test vertical markets, as customers are moderating their purchases in light of macroeconomic uncertainty and other near term changes to their business environment, Altera said.
Despite the broader trend, Altera said it expects new product sales to be up sequentially compared to the second quarter. The company is scheduled to report its third quarter results Oct. 20.
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