SAN JOSE, Calif. (AP) — Computer chip maker Altera Corp. cut its fourth-quarter revenue outlook late Thursday, citing weaker-than-expected demand. The company’s shares fell 6 percent in after-hours trading.
The company now expects revenue to decline 13 to 16 percent compared with the $522.5 million in revenue it reported in third-quarter. That translates to an expectation for $454.6 million to $438.9 million in revenue; analysts polled by FactSet are expecting $474.8 million in revenue.
Previously, Altera predicted revenue would decline 7 to 11 percent quarter over quarter.
The company said that while its North America region will be helped by stronger military sales, sales will be weak to its other regions.
Altera plans to report its fourth-quarter results in January.
Altera shares fell $2.17, or 6.1 percent, to $33.31 in after-hours trading. The stock fell 89 cents to finish regular trading at $35.48.