Aliso Viejo-based QLogic Corp. fell short of revenue estimates with results for the quarter ended Oct. 2 but slightly topped profit expectations for ongoing operations.
QLogic, a maker of electronic components for data storage networks, said revenue from continuing operations came in at a record $119 million, up 16% from the year-ago period.
But analysts had expected sales of $120.14 million, according to a survey by Thomson Financial.
The company posted net income of $30.5 million for ongoing operations, up 20% from the year-ago period. That topped estimates of $29.9 million.
QLogic highlighted ongoing operations because it expects to soon complete the sale of its disk drive controller business for $225 million to Sunnyvale-based Marvell Technology Group Ltd.
Including the controller unit, QLogic’s net income was $43 million, up 17% from the year-ago period.
Sales climbed on the strength of storage network products, which make up more than 90% of sales, QLogic said.
The company’s shares were off more than 3% in afterhours trading as investors focused on the miss of sales estimates.
On Tuesday, QLogic said it is spending $36.5 million in cash to buy Westlake Village-based Troika Networks Inc., a storage network services provider.
QLogic said the Troika buy should help in its bid to sell more products to small and midsize businesses.
Troika helps companies manage storage networks.
