QLogic (Nasdaq: QLGC) is expected to report Q2 earnings on Oct. 25. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict QLogic's revenues will wither -21.9% and EPS will contract -47.1%.

The average estimate for revenue is $117.4 million. On the bottom line, the average EPS estimate is $0.18.

Revenue details
Last quarter, QLogic logged revenue of $130.4 million. GAAP reported sales were 9.8% lower than the prior-year quarter's $144.5 million.

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

EPS details
Last quarter, non-GAAP EPS came in at $0.26. GAAP EPS of $0.19 for Q1 were 37% lower than the prior-year quarter's $0.30 per share.

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

Recent performance
For the preceding 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

The full year's average estimate for revenue is $498.5 million. The average EPS estimate is $0.88.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 250 members out of 267 rating the stock outperform, and 17 members rating it underperform. Among 63 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 61 give QLogic a green thumbs-up, and two 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 $16.64.

Looking to profit from the makers of computer hardware? You may be missing something obvious about where the money will be made in the tech industry of the future. Is QLogic on the right side of the revolution? Check out the changing landscape and meet the company that Motley Fool analysts expect to lead "The Next Trillion-dollar Revolution." Click here for instant access to this free report.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.