Aliso Viejo-based QLogic Corp., a maker of gear for data storage networks, beat Wall Street’s profit expectations this week for the quarter ended April 3 but left analysts wanting more with its outlook for the June quarter.
J.P. Morgan analyst Mark Moskowitz cut his earnings estimates for the company’s current quarter, saying QLogic was projecting growth that was slower than rival and former parent company Emulex Corp. of Costa Mesa.
“We believe that Emulex remains on a clearer path to growth versus QLogic,” he wrote in a note to clients.
QLogic, a maker of gear for data storage networks, beat Wall Street’s profit expectations on Wednesday for the quarter ended April 3.
QLogic’s profit, excluding one-time items, rose 40% from a year earlier to $46.7 million, just ahead of what analysts were expecting.
Sales rose 23% to $157.2 million, driven by fibre channel switches for banks of data storage computers.
Fibre channel products,circuit boards and boxes,came in at $118.2 million for the quarter, making up 75% of QLogic’s revenue for the quarter.
