QLogic Gets Relief Rally

Updated from July 14

Storage switch maker QLogic ( QLGC) reported quarterly earnings Wednesday that were up slightly from a year ago, matching estimates and pleasing nervous investors who have been selling the stock down all year.

The Aliso Viejo, Calif., company earned $32.2 million, or 34 cents a share, in the three months to June 27, 2004, up from $31.7 million, or 33 cents a share, last year. Revenue rose 3% to $129.8 million. Excluding a merger-related stock-compensation charge, QLogic earned $34 million, or 36 cents a share, in the most recent quarter.

Analysts surveyed by Thomson First Call were forecasting earnings of 36 cents a share on revenue of $130.5 million for the most recent quarter. On June 30, the company said it expected earnings of 34 cents to 37 cents a share on revenue that was unchanged with to down 3% from the $128.3 million it put up in the first quarter.

The stock, which has fallen about 10% since the June 30 preannouncement and is down about 50% on the year thanks to a first-quarter earnings shortfall, was trading Thursday for $26.19, up $1.69, or 6.9%.

QLogic said sales of its Fibre Channel product line were $104.8 million in the quarter, up 12% from a year ago and making up 81% of the company's overall revenue in the second quarter.

More from Technology

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

GameStop Jumps 9% on Private Equity Buyout Rumors

GameStop Jumps 9% on Private Equity Buyout Rumors

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Here's Why Snap Shares Climbed Monday

Here's Why Snap Shares Climbed Monday

Dropbox Soars in Third-Straight Record-Setting Session

Dropbox Soars in Third-Straight Record-Setting Session