Altera's net nearly quadruples, shares rise

SAN FRANCISCO (AP) — Altera Corp.'s net income nearly quadrupled in the third quarter partly due to stronger sales to telecommunications and wireless-equipment companies, which combined make up nearly half the company's revenue.

The semiconductor company, which sells programmable chips that are designed to be tweaked by customers for use in various kinds of electronics, said Tuesday that it earned $217.5 million, 69 cents per share, versus $56.7 million, 19 cents per share, last year. Analysts expected 65 cents per share.

Revenue rose 84 percent to $527.5 million. Analysts expected $526 million.

"The combination of a step up in telecom …