QLogic (Nasdaq: QLGC) reported earnings on July 25. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended June 30 (Q1), QLogic met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped. Non-GAAP earnings per share contracted significantly. GAAP earnings per share contracted to a loss.

Gross margins grew, operating margins dropped, net margins dropped.

Revenue details
 QLogic reported revenue of $113.1 million. The 12 analysts polled by S&P Capital IQ predicted a top line of $113.7 million on the same basis. GAAP reported sales were 13% lower than the prior-year quarter's $130.4 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 $0.18. The 14 earnings estimates compiled by S&P Capital IQ forecast $0.14 per share. Non-GAAP EPS of $0.18 for Q1 were 31% lower than the prior-year quarter's $0.26 per share. GAAP EPS were -$0.03 for Q1 versus $0.19 per share for the prior-year quarter.

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%, 80 basis points better than the prior-year quarter. Operating margin was 7.9%, 750 basis points worse than the prior-year quarter. Net margin was -2.7%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $114.7 million. On the bottom line, the average EPS estimate is $0.18.

Next year's average estimate for revenue is $455.9 million. The average EPS estimate is $0.77.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 276 members out of 294 rating the stock outperform, and 18 members rating it underperform. Among 80 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 77 give QLogic a green thumbs-up, and three 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 $10.65.

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