QLogic (Nasdaq: QLGC) reported earnings on Aug. 2. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended July 1 (Q1), QLogic met expectations on revenues and missed estimates on earnings per share.

Compared to the prior-year quarter, revenue dropped and GAAP earnings per share dropped significantly.

Margins dropped across the board.

Revenue details
QLogic tallied revenue of $130.4 million. The 12 analysts polled by S&P Capital IQ anticipated net sales of $131.1 million on the same basis. GAAP reported sales were 9.8% lower than the prior-year quarter's $144.5 million.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.26. The 13 earnings estimates compiled by S&P Capital IQ predicted $0.27 per share. GAAP EPS of $0.19 for Q1 were 37% lower than the prior-year quarter's $0.30 per share. (The prior-year quarter included -$0.02 per share in earnings from discontinued operations.)

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 66.8%, 210 basis points worse than the prior-year quarter. Operating margin was 15.4%, 940 basis points worse than the prior-year quarter. Net margin was 14.1%, 830 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $117.6 million. On the bottom line, the average EPS estimate is $0.18.

Next year's average estimate for revenue is $499.5 million. The average EPS estimate is $0.88.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 249 members out of 264 rating the stock outperform, and 15 members rating it underperform. Among 58 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 57 give QLogic a green thumbs-up, and one gives it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on QLogic is hold, with an average price target of $16.64.