NEW YORK – Shares of QLogic Corp. plunged 19 percent in morning trading Thursday after the network infrastructure company lowered its first-quarter profit and sales outlook.
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The company said it expects a quarterly profit of 16 or 17 cents per share on revenue of about $113 million. The company had previously projected per-share profits between 23 and 27 cents per share, and revenue between $124 million and $132 million.
QLogic Corp., based in Aliso Viejo, California, cited weakness in the traditional enterprise server and storage markets.
The stock fell $2.72 to $11.02 .