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Chipmaker Altera's quarterly revenue below expectations

SAN FRANCISCO (Reuters) - Altera Corp posted revenue slightly below expectations in the first quarter and the programmable chipmaker said it was beginning to see a recovery from a dip in demand from its communications and industrial customers.

Altera said on Thursday its first-quarter sales were $410.5 million, up 7 percent from the year-ago quarter.

It projected sales in the current quarter to be between flat and up 4 percent compared to the first quarter.

Analysts on average expected first-quarter sales of $414 million and second-quarter sales of $449 million, according to Thomson Reuters I/B/E/S.

In the first quarter, Altera had net income of $120 million, on 37 cents a share, compared to $116 million, or 35 cents a share, in the year-ago quarter.

(Reporting By Noel Randewich. Editing by Andre Grenon)

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