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reported quarterly earnings that beat Wall Street's estimates and said net revenue rose 23% from the same period a year ago.

Revenue for the fiscal fourth quarter reached $157.2 million, compared with $128.3 million in the comparable quarter last year. Net income was $46.2 million, or 49 cents a share, up from $32.9 million, or 34 cents a share, reported in the fourth quarter of last year.

Excluding items, the developer of storage networking components would have earned $46.7 million, or 50 cents a share.

Analysts polled by Thomson First Call expected the Aliso Viejo, Calif., company to earn 47 cents a share with sales of $154.8 million for the quarter.

Shares of QLogic ended regular trading at $34.10 and added 89 cents to $34.99 in the after-hours session Wednesday.