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What: Shares of QLogic
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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