Third quarter sales of $174.2 million were down 19% from the previous quarter and down 56% from the same period last year, consistent with prior guidance.
Altera repurchased 2.5 million shares of its common stock during the quarter at a cost of $63.5 million. Altera ended the quarter with $750.7 million of cash.
This quarter’s financial performance was in line with the expectations we set in July. We remain very encouraged by the overall level of customer response to the products we introduced earlier this year. Our design win pace remains strong,” said John Daane, president and CEO. “With a solid gross profit margin, a strong balance sheet, and an ever increasing array of new products, we are well equipped to weather this challenging economic period and emerge in an even stronger competitive position as markets improve.
