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QLogic’s Shares Fall on Mixed Results

Shares of Aliso Viejo’s QLogic Corp., a maker of electronics that go into corporate data storage networks, slumped on Thursday after the company reported profits for the June quarter that fell short of Wall Street’s expectations.

Investors sent shares down more than 4% in afterhours trading on a recent market value of about $2 billion.

For the three months through June 27, QLogic reported $143 million in sales, up 16% from the same period a year earlier and short of analysts’ expectation of $144 million in sales.

Excluding charges for stock compensation, income tax, write-downs on assets and other one-time costs, the company saw $35 million in profits, up 45% from the year-ago quarter and beating analysts’ expected $32 million in profits.

QLogic said it ended the quarter with $349 million in cash and short-term assets.

QLogic’s results were mixed, but at this point in the economic recovery, investors seem to be looking for a “beat and raise” quarter. That’s when companies top expectations for the recently ended quarter and guide higher for the current one.

QLogic didn’t give a financial outlook for the September quarter with its earnings release.

For the current quarter, analysts are expecting QLogic to report $35 million in profits, which would be a 48% gain over the September quarter of 2009. Sales are seen coming in at $150 million, up 14% from a year earlier.

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