Altera raises Q4 sales forecast

SAN FRANCISCO, USA: Programmable chipmaker Altera Corp raised its fourth quarter sales forecast on Monday, a further signal of growth for the recovering tech sector.

Altera said it now expects sales to grow 15 to 18 percent from the third quarter, up from the company's previous guidance of 6 to 10 percent growth from one quarter to the next.

The company reported third quarter revenues of $286.6 million in October, down from $356.76 million a year earlier.

Altera said it expects all four of its divisions to be up sequentially in the current quarter, citing improving customer demand. The company added that its telecommunications equipment unit will likely lead the current quarter's growth, particularly with increased sales to China and India.

Shares of Altera were up 3.6 percent to $21.78 in afterhours trading Monday from their closing level of $21.03 on Nasdaq.