QLogic Up on Quarterly ResultsFriday, January 25, 2013
Shares of QLogic Corp. surged Friday, a day after the Aliso Viejo-based networking-equipment maker reported revenue and earnings for the December quarter that beat Wall Street expectations.
Investors sent shares up more than 13% in early trading to a market value of $1.14 billion.
QLogic on Thursday reported revenue in the recently ended quarter of $119.4 million, down 16.3% from a year ago and above analyst forecasts of $116 million.
Adjusted profits topped $18.3 million, beating Wall Street expectations of $15.7 million.
QLogic makes electronics such as switches and adapter cards that speed up the flow of data on corporate storage networks.
The company in its earnings call provided a revenue and profit outlook for the current quarter.
It projects revenue between $112 million and $118 million.
Analysts on average expect sales of $11.5 million.
Adjusted profits are projected between $12 million and $15.7 million, in line with Wall Street estimates.