QLogic fourth-quarter profit up 60%

By SiliconIndia   |   Wednesday, 30 April 2003, 07:00 Hrs
Printer Print Email Email
CALIFORNIA: Storage area networks equipment company QLogic Corp. (Nasdaq:QLGC) Tuesday said its fourth quarter profit rose 60 percent on market share gains from rivals and increased sales of high-speed Fibre Channel standard equipment.

QLogic reported fourth-quarter net profit of $29.9 million, or 31 cents a share, compared with net income of $18.7 million, or 20 cents a share, a year earlier.

Revenues in the quarter ended March 30 rose to $120.6 million from $92.3 million a year earlier.

QLogic posted earnings before items of 33 cents a share, compared with earnings excluding charges of 22 cents a share a year earlier. The Aliso Viejo, California-based company forecast earnings for the current quarter in the range expected by Wall Street as sales rose 2 percent to 5 percent from the fourth quarter.

The company said it expected earnings per share, excluding charges, to be in a range of 30 cents to 34 cents in the June-ended quarter.

"QLogic has again established new records for quarterly revenue and net income," H.K. Desai, QLogic's chairman, chief executive and president said. "Our total revenues increased 6 percent sequentially and our net income grew 9 percent sequentially."

Desai said the companies revenues from equipment based on the Fibre Channel standard rose 44 percent from a year earlier to $86 million, representing 71 percent of the company's total revenue.

Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..