(MENAFN) US Chip maker Altera reported an 18 percent decline in quarterly profit on lower sales, AP reported.
The company said it made USD121 million net profit during the fourth quarter of 2012, down from USD147 million a year earlier.
The company also reported a 4 percent fall in quarterly revenue to USD439 million from a year ago.
The company attributed its weaker sales of older products to the sluggish world economy.
Sales in most of its markets in the Americas and overseas were lower than a year ago.
CEO John Daane said that sales of newer products were growing fast, with sales in that group up 39 percent from a year ago.
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