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QLogic's CEO Presents At JPMorgan TMT Conference Call (Transcript)

QLogic Corporation (QGLC)

JPMorgan TMT Conference Call

May 16, 2012 11:20 am ET


Simon Biddiscombe - President and CEO

Jean Hu - SVP and CFO


Mark Moskowitz - JPMorgan


Mark Moskowitz - JPMorgan

Good morning everyone. My name is Mark Moskowitz. I’m the IT hardware analyst here at JPMorgan. And we are pleased to have with us today QLogic. We have both the CEO and CFO. So, Simon and Jean, thanks for coming. I appreciate it.

Simon Biddiscombe

My pleasure.

Mark Moskowitz - JPMorgan

What we'll do is start out with about 15 minutes or so of questions from me and then this event is really for the investor audience. So, we will open up the last 15 minutes or 20 minutes to investors. So, please be comfortable asking your questions. We do ask you to step up to the mike so the webcast listeners can also hear what you are asking.

But for now, I will kick it off here. So, Simon kind of a loaded question, but I think pretty topical point right now just given some of the anxiety across the tech investor base and beyond with respect to enterprise spending. My question is kind of loaded so just spare with me, but our JPMorgan CIO Survey recently suggests that offshore services companies, printing companies, networking and communications equipment companies were going to have a much tougher growth prospects relative to software-as-a-service, software application companies, storage, server virtualization type companies. And this past five or six weeks of earnings have really confirmed those survey results, most notably with Cisco disappointed recently. So, I want to get from your vantage point, when Cisco is taking about enterprise spending is that maybe just relative to their end-market exposure that they are not really exposed to the faster growing or maybe sturdier growth markets today, whereas maybe 10 years ago they were?

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