Altera Corp, the San Jose, California-based provider of programmable logic devices and associated software tools, has reported third-quarter net income up 38.4% at $55.6m on revenue up 31% at $215.1m. Earnings per share for the quarter rose 35% to $0.27, topping the First Call consensus by a penny. Nine-month net income rose 37.3% to $153.6m on revenue up 24.4% at $599.3m, while EPS rose 29.8% to $0.57. The company says it saw record sales in all geographic channels with sequential gains of 10% in North America, 12% in Europe, 10% in Asia/Pacific and 1% in Japan.
Sales were driven by new product revenues, which amounted to 33% of overall sales and grew 37% sequentially and over 200% year-over-year. Mainstream product revenues were 35% of sales and grew 1% sequentially and 27% over the third quarter of last year. Mature product sales declined 5% sequentially. The company added $110.4m to its cash balances during the quarter, taking them to $786.2m. The company expects to report sequential revenue growth of 8% to 10% for the fourth quarter.
