Altera's CEO sees parallels to '08 downturn

Dylan McGrath, EETimes
10/21/2011 1:43 AM EDT

SAN FRANCISCO—Programmable logic vendor Altera Corp. Thursday (Oct. 20) reported third quarter sales that came in below analysts' expectations and the company's own revised guidance, with CEO John Daane saying customers are burning through existing inventories in a manner reminiscent of the downturn of 2008.

John Daane, who is also Altera's president, said in a conference call with analysts following the third quarter report that customers are holding back on purchases, burning inventories below normal levels in anticipation of potential business changes.

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