Filed under: Earnings reports

After the closing bell tolled yesterday afternoon, chipmaker Altera (NASDAQ: ALTR) announced that its profit fell 52% in the second quarter. The chipmaker’s profit was pushed lower thanks to falling sales and increasing taxes. During the quarter, ALTR saw net income decrease to 16 cents per share compared to last year’s 32 cents per share. While the results fell short of those from a year ago, ALTR managed to match the consensus estimate of 16 cents per share. Revenue dropped to $279.2 million from $359.9 million a year ago - estimates called for $277.6 million in revenue. According to the company, a court ruling increased ALTR’s tax costs by four cents per share. The court ruling stemmed from worldwide equity compensation cost sharing, and although the company wasn’t involved in the case, it decided to increase its tax responsibilities.

Continue reading Altera’s earnings fall year-over-year but manages to match estimates

Altera’s earnings fall year-over-year but manages to match estimates originally appeared on BloggingStocks on Wed, 15 Jul 2009 13:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Via [bloggingstocks]

Share This

This entry was posted on Thursday, July 16th, 2009 at 4:55 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.