Stock Update : Altera Corporation (NASDAQ:ALTR) Edging Up After Solid Quarter

Last night, Altera Corporation (NASDAQ:ALTR) reported a stronger than expected earnings for its fourth quarter driven by strong sales in emerging markets such as China and recovering consumer demand.

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The Chipmaker’s net profit rose 24% to $102.97 or 34 cents a share compared to $83.04 million or 28 cents in a corresponding period of the previous year, topping the analysts’ estimates of 29 cents.

Revenue rose to $365 million from $314.5 in a year ago period, beating the Wall Street estimate by about 9%.

The company also declared a quarterly cash dividend of $0.05 per share payable on Mar 1, 2010 to shareholders of record on Feb 10, 2010.

The company sees sales to grow 5-10% in the first quarter, exceeding the average analyst estimate of $338.53 million. Also, the company sees a gross margin of 67.5-68.5% in the current quarter – higher than the average analyst estimate of 67.42.

Shares of ALTR are up 5.10% to $22.27, close to its 52-week high of $23.26.

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