Altera Q3 Tops Estimates

Altera (ALTR) shares edged higher after hours Tuesday on better-than-expected Q3 results.

For the quarter, the chip maker posted revenue of $527.5 million and profits of 69 cents a share, ahead of the Street at $526 million and 65 cents.

For Q4, the company sees revenues up 3%-6% sequentially, which implies $543 million to $559 million, well ahead of the old Street consensus at $512 million. The company sees Q4 gross margin of 70%-71%, versus 70% in Q3.

In late trading, ALTR rose 65 cents, or 2.2%, to $30.15.