QLogic Corp. (NASDAQ: QLGC) is seeing a surge of interest this morning after the company raised its guidance.
On a non-GAAP basis, QLogic expects $0.30 to $0.31 EPS, compared to the previously forecast range of $0.26 to $0.28. The company now sees revenues in the range of $166 million to $168 million for the first quarter (Q1-2009). The company’s prior guidance was $154 million to $158 million. First Call has estimates at $0.27 EPS on $156.4 million in revenues.
The company identified stronger sequential growth of approximately 9% for Host Products and approximately 8% for Network Products.
Shares of QLogic are up almost 14% at $15.90 on over 270,000 shares in pre-market trading. The 52-week trading range is $11.46 to $17.97.
Jon C. Ogg
July 9, 2008
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