QLogic Beats on Q1 ProfitThursday, July 25, 2013
Aliso Viejo-based networking equipment maker QLogic Corp. beat Wall Street estimates on earnings for the June quarter.
QLogic yesteday reported a quarterly adjusted profit of $16.4 million, up about 35% from a year earlier.
Analysts on average expected earnings of $12.8 million. Revenue came in at $113.1 million, in line with consensus estimates but down about 13% from a year earlier.
QLogic makes switches, adapter cards and other electronics used for data, storage and server networks.
The company said in June it planned to make an unspecified number of job cuts and consolidate certain operations in a bid to shave expenses. The company has about 500 workers in Orange County and 1,110 companywide.
QLogic shares were down about 3% in early trading today, to a market value of about $941 million.