On Wednesday Aliso Viejo’s QLogic Corp. reported its quarterly results for September showing a huge share rise that was beyond the expectations of Wall Street. As the market value of the shares closed at $2.1 billion the investors raised the share trading value up by 2%. QLogic has reported 23% lower sales of $132 million as compared to the previous year, though the revenue has exceeded the analysts’ expectations from September till now.

A profit of $25 million has been reported by the company which is 44% less as compared to the previous year’s reports. The total estimates closed at $340 million along with short term assets. No plans for the current quarter were disclosed with the reports.

Chief Executive H.K. Desai attributes the company’s optimism, expense management system that is effectively operating and acting as a continuous factor for bringing improvement and stability for the company. He is all praises for the company’s incredible strength to bravely face all the challenges and show improved performance.

The investor’s anticipation about the quarterly report of QLogic sent its share prices soaring up. Since Monday the investors were betting that QLogic’s share price would rise, surprising Wall Street.

This entry was posted on Friday, October 23rd, 2009 at 1:35 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.