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QLogic Q1 profit slips

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Storage firm QLogic posted a profit slump today for its first fiscal quarter, citing a major drop in sales of its non-core silicon products.

The company's income for the quarter was at $19m, a 9 per cent fall from $21.1m for the first quarter of 2006.

Revenue for the quarter was $139.8m, a tepid 2 per cent increase from $136.7m in the same period last year.

“The first quarter revenue from our core business, which is comprised of Host and Network Products, grew 18 per cent from the comparable quarter last year,” said QLogic CEO H.K. Desai. “The revenue from our non-core Silicon Products declined during the first quarter as expected.”

Sales of QLogic's host products, which consist primarily of InfiniBand Channel Adapters as well as Fibre Channel and iSCSI HBAs, was $104,2m during the quarter. The figure marks a 15 per cent increase from $90.5m in Q1 '06.

Revenue from network products, comprised of Fibre Channel and Infiniband switches, was $24.5m, a 33 per cent increase from $18.3m during Q1 '07.

QLogic's silicon products, comprised of protocol chips and management controllers, took a big hit. Revenue was $9.6m during the quarter, a 62 per cent drop from $25.4m for the comparable quarter last year.

The company did not provide second quarter earnings and revenue forecasts. ®

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