Qlogic beats own estimate

Storage connctivity biz QLogic beat estimates with a Q4 revenue raise.

Instead of the expected $116m, QLogic revenues were $119.4m in its fourth fiscal 2016 quarter, down 10.5 per cent year-on-year and, as seasonally expected, down 2.7 per cent on the prior quarter. Full fy2016 revenues were $458.9m, 11.8 per cent less than fy2015. Interim CEO, CFO Jean Hu was pleased "with our financial performance during the fourth quarter and our strong finish for the second half of fiscal 2016." The biz expects revenues of $112 - $118m for the first quarter of fiscal 2017, which at the $115m mid-point would be more than the year ago quarter's $113.4m. Stifel Nicolaus MD Aaron Rakers says that, in early April there were reports that the company had hired Qatalyst Group to explore a potential sale. ®