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.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday