QLogic (Nasdaq: QLGC) reported earnings on Jan. 26. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended Jan. 1 (Q3), QLogic beat slightly on revenues and beat expectations on earnings per share.

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

Margins shrank across the board.

Revenue details
QLogic reported revenue of $152.7 million. The 11 analysts polled by S&P Capital IQ looked for net sales of $150.2 million. Sales were 2.0% lower than the prior-year quarter's $155.8 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions.

EPS details
Non-GAAP EPS came in at $0.36. The 11 earnings estimates compiled by S&P Capital IQ anticipated $0.34 per share on the same basis. GAAP EPS of $0.28 for Q3 were 36% lower than the prior-year quarter's $0.47 per share.

Source: S&P Capital IQ. Quarterly periods. Figures may be non-GAAP to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 65.9%, 10 basis points worse than the prior-year quarter. Operating margin was 21.9%, 410 basis points worse than the prior-year quarter. Net margin was 19.7%, 1,260 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $138.1 million. On the bottom line, the average EPS estimate is $0.32.

Next year's average estimate for revenue is $592.2 million. The average EPS estimate is $1.40.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 241 members out of 256 rating the stock outperform, and 15 members rating it underperform. Among 78 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 77 give QLogic a green thumbs-up, and one give 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 $15.77.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.