QLogic (QLGC -21.2%) crashes after missing FQ1 estimates, and guiding on its earnings call for...

|About: QLogic Corporation (QLGC)|By:, SA News Editor

QLogic (QLGC -21.2%) crashes after missing FQ1 estimates, and guiding on its earnings call for revenue of $115M-$120M and EPS of $0.16-$0.20, well below a consensus of $138.6M and $0.30. QLogic blames weak server sales, something that hurts demand for its storage adapter cards, as well as (unsurprisingly) macro issues. But the fact QLogic also missed top-line estimates in May suggests some of its problems are company-specific. Archrival ELX -6.6%.