Shares of QLogic Corporation (NASDAQ: QLGC), a designer and supplier of network infrastructure products that provide and manage computer data communication, rallied in trading on Monday.
QLGC shares rose to an intra-day high of $11.97 on Monday before paring some of the gains to finish the day 6.27% higher at $11.86 on above average volume of 5.02 million.
QLogic last week released its first-quarter fiscal 2013 financial results. For the quarter ended July 1, 2012, the ALISO VIEJO, California-based company reported net revenue of $130.4 million, compared to $144.5 million reported for the same period in the previous year. The company’s revenue from Host Products for the first quarter was $101 million, compared to $108.3 million reported for the same period in the previous year. Revenue from network products was $19.5 million for the first quarter.
QLGC reported income from continuing operations of $18.4 million, or $0.19 per share for the quarter, compared to $34.2 million, or $0.32 per share reported for the same period last year. The company’s non-GAAP income from continuing operations for the second quarter was $25.3 million, or $0.26 per share, compared to $41.2 million, or $0.39 per share reported for the same period in the previous year.
Simon Biddiscombe, President and CEO of QLogic, said that despite the challenges and uncertainty within the global macroeconomic environment, QLGC delivered revenue of $130.4 million. Biddiscombe said that QLGC remains committed to its strategy of Adaptive Convergence and will continue to focus on the execution of its goals of driving long-term growth in revenue and profitability.