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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of QLogic (Nasdaq: QLGC ) crashed today, down by 24% at the low, after the company reported earnings that were short of expectations.
So what: First quarter revenue came in at $130.4 million, with adjusted earnings per share of $0.26. Those barely missed the market’s targets of $131.3 million up top, and $0.27 per share in profit down below. Both revenue and profit shrank relative to the same quarter a year ago.
Now what: CEO Simon Biddiscombe cited global macroeconomic challenges, which is a pretty common scapegoat nowadays. The company remains focused on its Adaptive Convergence strategy despite its near-term challenges. As a player in the network infrastructure sector, the soft IT spending environment is weighing on many companies, including QLogic.
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