QLogic Corp., a maker of electronics for data storage networks, posted results for the September quarter that beat Wall Street’s expectations.
Aliso Viejo-based QLogic reported $171 million in revenue, up 22% from a year earlier and slightly ahead of analysts’ expected $170 million in sales.
Excluding costs for stock compensation, acquisitions, write-downs on assets and other charges, QLogic saw profits of $45 million, up 27% from a year earlier and beating analysts’ estimate of $41 million.
Including the charges, the company posted profits of $27 million, up 15% from the same period a year earlier.
“We are very pleased with our strong financial performance and record revenue despite significant challenges as a result of the current macro-economic environment,” Chief Executive H.K. Desai said in a statement.
The company had $421 million in cash short-term assets at the end of the quarter.
