QLogic Profits Fall in 2Q

Net income was $22.6 million, or 16 cents per diluted share, down from $30.4 million, or 19 cents per share, in the prior-year period. Excluding one-time charges, earnings in the latest quarter were $32.5 million, or 22 cents per share.

Analysts polled by Thomson Financial expected earnings of 19 cents per share.

Revenue for the period was $140.2 million, down slightly from $145.3 million in the same period last year. Analysts projected revenue of $139.4 million.

Shares of QLogic rose 64 cents, or 4.7 percent, to $14.11 in after hours trading. Earlier, shares rose 33 cents, or 2.5 percent, to end regular trading at $13.48. The stock has ranged from $11.46 to $22.94 over the past year.