QLogic posted better-than-expected results for its second fiscal quarter 2008 last night, in a report that highlighted the vendor's intent to mimic Brocade, Cisco, and VMware as a purveyor of data center "fabric."
For the quarter, QLogic's net revenue was $140.3 million. Net income on a GAAP basis was $22.6 million, or 16 cents per diluted share. On a non-GAAP basis, net income was $32.5 million, or 22 cents per diluted share. The company generated $67.2 million in cash from operations during the quarter, and exited the period with $392.1 million in cash and short-term marketable securities as of September 30.
These results were up slightly from the first fiscal quarter, for which QLogic reported net revenue of $139.8 million; net income of $19 million on a GAAP basis and $30.2 million non-GAAP; cash from operations of $35.5 million; and $478.6 million in cash and short-term marketable securities as of July 1.
QLogic broke out its specific market segment figures as follows:
Some analysts questioned the unevenness of QLogic's results. "Despite September quarter financial results that beat Street estimates on both the top- and bottom-line, we are becoming more concerned as multiple parts of QLogic's business are changing in ways that are not favorable," writes analyst Laura Conigliaro and colleagues in a Goldman Sachs note today. They cite growth in QLogic's core HBA business as declining, since in June, quarterly revenues were up 14 percent year-on-year as compared with 4 percent this quarter.
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