January 9, 2008 / 12:50 PM / 11 years ago

UPDATE 1-QLogic raises Q3 outlook

(Recasts, adds details)

Jan 9 (Reuters) - QLogic Corp QLGC.O, which supplies components for data storage networks, raised its outlook for the third quarter, as its host and network products showed strong sequential growth.

The company said it expects to earn 27 cents to 28 cents a share, before items, on revenue of $155 million to $157 million. It earlier expected 23 cents to 25 cents a share on revenue of $147 million to $151 million.

For the quarter, analysts expect earnings of 21 cents a share, before items, on revenue of $150.0 million, according to Reuters Estimates.

Including stock-based compensation expense, acquisition-related charges, and related income tax effects, the company expects to earn 20 cents to 21 cents for the third quarter, it said in a statement.

“Our strong revenue performance was driven by double-digit sequential growth for both our host products and network products,” Chief Executive H.K. Desai said. (Reporting by Varsha Tickoo and Sharangdhar Limaye in Bangalore)

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