Aliso Viejo-based QLogic Corp., a supplier of components for data storage networks raised its first-quarter outlook, as a result of the strong sequential sales growth in its network and host products. This has helped the company to make a significant jump in its market shares. Its stock rose nearly 8.5 percent at close of trading on a recent market value of about $2 billion.

QLogic is a leading supplier of high performance storage networking solutions, which include storage networking fabric switches, routers, controller chips and host adapters. These products are delivered to small-to-medium businesses and large enterprises around the world via the company’s channel partner community. The company earns almost 70 percent of its revenue from this business.

For its first quarter ended on June 29, QLogic now expects earnings of 30 percent to 31 percent a share, up from its previous forecast of 26 percent to 28 percent a share. The company also raised its revenue outlook to a range of $166 million to $168 million, up from $154 million to $158 million.

The revenue growth was led by sequential gains of 9 percent for host products and 8 percent for network products.

QLogic’s Chief Executive H.K. Desai said, “We are very pleased with our strong financial performance to start fiscal 2009.”

QLogic is set to release its quarterly results on July 21.

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