QLogic Q4 earnings down, sees sales up
5/7/2002 8:10:45 PM
(Updates with guidance, share price, background)
www2.marketwatch.com
SAN FRANCISCO, May 7 (Reuters) - QLogic Corp. (QLGC) , which makes gear for storage area networks, on Tuesday posted a 26 percent drop in net income in its fiscal fourth quarter as corporations slashed spending on information technology, but forecast revenues would rise in the next two quarters.
QLogic said it would post sequential revenue gains in its current first quarter and the following quarter as demand starts to improve.
Investors drove up QLogic's stock in after hours trading. The shares, which closed on Tuesday at $38.26, down $3.74, or 8.9 percent, rose 8.6 percent to $41.55 in after-market trade.
QLogic earned $18.7 million, or 20 cents per share, in the fourth quarter, ended March 31, compared with $25.2 million, or 27 cents per share, a year earlier. |
