Altera Earnings: Here’s Why the Stock is Up Now
Altera Corp. (NASDAQ:ALTR) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.35%.
Altera Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 38% to $0.31 in the quarter versus EPS of $0.50 in the year-earlier quarter.
Revenue: Decreased 9.26% to $421.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Altera Corp. reported adjusted EPS income of $0.31 per share. By that measure, the company met the mean analyst estimate of $0.31. It beat the average revenue estimate of $420.9 million.
Quoting Management: “As anticipated, the pace of business picked up, and backlog has increased,” said John Daane, president, chief executive officer, and chairman of the board. “We have announced our next generation of FPGAs sourced by TSMC for 20 nm devices and, for the first time, Intel, for 14 nm FinFET devices. This combination gives us an ideal blend of manufacturing processes to optimize performance across our next generation of FPGAs. As the only major FPGA company with access to the generation-ahead Intel FinFET technology for our high end devices, which typically are about half of the FPGA market, our competitive advantage is substantial.”
Key Stats (on next page)…