Altera hikes bottom of 1st-qtr revenue guidance, but new range still short of Street view

Altera boosts bottom end of 1Q revenue guidance

SAN JOSE, Calif. — Semiconductor maker Altera Corp. on Wednesday raised its guidance for first-quarter revenue, citing improving sales across its product lines. But even with the boost, the forecast fell short of Wall Street expectations and shares fell in after-hours trading.

The company now expects first-quarter revenue to rise between 7 percent and 10 percent, up from a prior growth forecast of 5 to 10 percent.

Based on first-quarter 2009 sales of $264.6 million, that implies guidance for sales between $283.1 million and $291.1 million.

Twenty analysts polled by Thomson Reuters, on average, expect sales of $393.9 million, with estimates ranging from $390 million to $405 million.

In aftermarket electronic trading, Altera shares fell 59 cents, or 2.4 percent, to $24.05, from their close in the regular session at $24.64.