Shares of Costa Mesa-based Emulex Corp., a maker of electronics for data storage networks, fell in afterhours trading Thursday after the company gave a weak outlook for the current quarter.
The stock was down nearly 5% in afterhours New York trading on a recent market value of about $1 billion.
For the June quarter, the company expects profits of $20 million to $23 million on sales of $118 million to $123 million.
That’s short of analysts’ expected $24 million in profits on sales of $129 million.
The outlook comes after Emulex reported results for the March quarter that had better-than-expected profits.
For the three months ended March 30, Emulex reported $128 million in revenue, up 6% from the year-ago quarter and in line with analyst’s expectations.
Including costs for stock compensation, write-downs on assets and other charges, Emulex posted $16 million in profits, up 46% from a year ago.
Without the charges, Emulex saw profits of $28 million, up 15% from the same period a year earlier and beating analysts’ expected $24 million.
