Shares of Aliso Viejo-based network equipment maker QLogic Corp. dropped after the company released the results for its fiscal first-quarter, which saw a heavy decline in profits. Investors sent the stock down more than 4 percent in afterhours New York trading on a recent market value of about $1.7 billion.

QLogic’s fiscal first-quarter results fell short of analysts’ profit expectations, however they beat analysts’ sales expectations. For the three months through June, excluding charges for stock compensation, acquisitions, income tax and other costs, the company posted profits of $15 million or 13 cents per share, down about 53 percent from $31.6 million or 24 cents per share in the same period a year ago. Analysts expected $21 million in profits.

Including the charges, QLogic reported profits of $24 million, down 42 percent from the same period a year ago. QLogic revenue fell 27 percent to $133 million, but it beat analysts’ expected sum of $128 million in revenue.

This entry was posted on Wednesday, July 22nd, 2009 at 2:02 pm and is filed under Venture Capital News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.