'We fell short' says QLogic CEO in August's understatement-of-the-month contender

Boss explains lousy Q1 results

As expected from its earlier warning shot, QLogic's first quarter fiscal 2016 results were pretty bad. Revenues of $113.4 million were 5 per cent lower than a year ago, with net income of $2.6 million being 57 per cent down on last year's Q1."