* Q4 earnings of 28 cents beats estimates by 1 cent
* Q4 revenue misses estimates by $4.3 mln
* Sees lower Q1 sales
* Shares drop more than 2 pct in after-market trading
Jan 27 (Reuters) - Programmable chipmaker Altera Corp ALTR.O reported a fourth-quarter profit that beat market estimates, but said first-quarter sales would drop sequentially as it was being affected by the economic slowdown, sending its shares down 2.4 percent.
The company, which competes with Xilinx Inc (XLNX.O), posted fourth-quarter revenue that missed estimates by about $4.3 million.
Net income rose to $83 million, or 28 cents a share, from $65.5 million, or 20 cents per share, a year earlier. Revenue fell 3 percent to $314.5 million. Analysts expected earnings of 27 cents a share, excluding exceptional items, on revenue of $318.8 million, according to Reuters Estimates. Altera said first-quarter sales would fall 15 percent to 25 percent sequentially.
Its shares fell 40 cents to $16.25 in trading after the bell. They closed at $16.65 Tuesday on Nasdaq.
For alerts click here [ID:nWNAB4343] (Reporting by S. John Tilak in Bangalore; Editing by Anil D'Silva)