Altera backs forecast for 3Q revenue growth

SAN JOSE, Calif. (AP) — Chip maker Altera Corp. said Tuesday that it still expects its revenue to grow 2 to 6 percent in the third quarter from last quarter, although sales will fall well short of its results a year ago.

Altera's forecast implies revenue of $474.1 million to $492.7 million for the current quarter. The company said new products will be responsible for the growth, as sales of 28-nanometer and 40-nanometer products will both improve significantly.

Analysts expect $483.7 million in revenue. The company is scheduled to report its results after the market closes on Oct. 23.

Altera posted $464.8 million in revenue in the second quarter of 2012. In the third quarter of 2011 revenue was $522.5 million. That implies a drop of 6 to 9 percent from a year ago.

Shares of Altera fell 28 cents to close at $37.06 on Tuesday.