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QLogic Earnings Mixed

The storage networker beats estimates on the bottom line but misses on the top line.
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QLogic

(QLGC)

missed top-line estimates for the fourth quarter but beat on the bottom line.

On Thursday, the Aliso Viejo, Calif.-based company posted revenue of $147.1 million, lower than Thomson First Call estimates of $150.7 million but a 13% gain year over year.

Profit for the data storage provider in the quarter ended April 1 dropped to $18.4 million, or 12 cents a share, from $32.5 million, or $19 cents a share a year ago. Income included stock-based compensation expense, acquisition- and impairment-related charges, and income tax, totaling $16.8 million.

Excluding items, income for the third quarter was $35.2 million, or 22 cents a share, vs. $34.5 million or 21 cents a share a year ago.

On that basis, analysts were expecting EPS of 23 cents.

After hours, investors recently sent shares down to $17.25 or 3.2%.

In late April, QLogic named Jeff Benck president and chief operating officer.

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, closed the regular session up a 25 cents to $18.20.