QLogic shares plunge after it reveals weakness in server and storage markets

Markets Associated Press

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 .