Shares of Aliso Viejo’s QLogic Corp. continued to slide Friday, a day after the maker of data storage electronics gave an outlook for the current quarter that falls short of Wall Street’s expectations.
The stock was down 5% near close of Friday trading on a recent market value of about $1.6 billion.
For the three months through June, QLogic said it expects to report profits, excluding charges, of $19 million to $24 million.
Analysts, on average, are looking for profits of $28 million.
QLogic forecast sales of $120 million to $130 million, versus expectations of $137 million.
The worse than expected guidance, disclosed in a call with analysts, comes on the heels of QLogic’s results for the three months through March that also missed expectations.
QLogic reported sales of $131 million, down 18% from the same period a year earlier.
Excluding charges for stock compensation, write-downs on assets and other costs, the company posted $25 million in profits, just shy of analysts’ expected $26 million in profits.
QLogic had a bit of a wild ride in the past week.
On Wednesday, its shares rose 9% on speculation that it could be a takeover target by EMC Corp.
The rumor turned out to be unfounded and many on Wall Street shot it down.
The company has been subject to scrutiny in the past week after Irvine-based Broadcom Corp. made public a $764 million hostile bid for its top rival, Costa Mesa’s Emulex Corp.
QLogic’s shares are up roughly 19% since Broadcom announced its intentions last week.
