QLogic (Nasdaq: QLGC) reported earnings on May 3. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended April 1 (Q4), QLogic missed slightly on revenues and beat expectations on earnings per share.

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

Gross margins improved, operating margins shrank, net margins grew.

Revenue details
QLogic chalked up revenue of $135.1 million. The 12 analysts polled by S&P Capital IQ predicted sales of $137.6 million on the same basis. GAAP reported sales were 11% lower than the prior-year quarter's $152.3 million.

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 $0.34. The 13 earnings estimates compiled by S&P Capital IQ anticipated $0.32 per share. GAAP EPS of $1.37 for Q4 were 342% higher than the prior-year quarter's $0.31 per share.

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 67.6%, 100 basis points better than the prior-year quarter. Operating margin was 21.4%, 220 basis points worse than the prior-year quarter. Net margin was 102.4%, 8,050 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $138.3 million. On the bottom line, the average EPS estimate is $0.29.

Next year's average estimate for revenue is $583.0 million. The average EPS estimate is $1.35.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 239 members out of 253 rating the stock outperform, and 15 members rating it underperform. Among 67 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 66 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 $18.23.

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