NEW YORK (TheStreet) -- Shares of QLogic (QLGC) were falling 19.5% to $9.16 on heavy trading volume Friday after the Fibre Channel/Ethernet connectivity hardware maker reported its fiscal first quarter financial results.
QLogic reported earnings of 19 cents a share for the first quarter, in line with analysts' estimates for the quarter. Revenue fell 5.1% year over year to $113.4 million for the quarter, below analysts' estimates of $120.61 million.
The company said it expects earnings of 10 cents to 16 cents a share and revenue of $98 million to $106 million for the fiscal second quarter. Analysts' expect earnings of 23 cents and revenue of $127.1 million for the fiscal second quarter.
Analyst firm BMO Capital Markets downgraded QLogic to "market perform" from "outperform" following the company's earnings report.
About 5 million shares of QLogic were traded by 1:06 p.m. Friday, above the company's average trading volume of about 1.1 million shares a day.
TheStreet Ratings team rates QLOGIC CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate QLOGIC CORP (QLGC) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and revenue growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."
You can view the full analysis from the report here: QLGC Ratings Report