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4/19/2012 4:31 PM ET

Altera Corp. (ALTR: Quote) reported net income for the first quarter of $115.8 million $0.35 per share, compared to $224.1 million $0.68 per share for the year-ago quarter.

First quarter sales fell 28% to $383.75 million from $535.81 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.36 per share on revenue of $422.70 million for the first quarter.

Looking forward, the company expects second quarter sales to rise 14% to 18% sequentially.

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