Shares of QLogic (NASDAQ: QLGC) and VCA Antech (NASDAQ: WOOF) fell hard today following second quarter earnings releases which disappointed investors.
QLogic fell over 15% after the opening bell Friday following the release of its second quarter earnings release after the close on Thursday.
Although QLogic announced an overall earnings per share profit that beat the consensus expectations of Wall Street analysts, its revenue did not match their expectations.
Analysts had been expecting QLogic to generate $144.1 million in revenue for the second quarter. It only made $142.6 million.
VA Antech also fell 10% after the Nasdaq stock exchange opening as it too failed to match analyst consensus forecasts for its second quarter earnings report.
It generated second quarter earnings of 44 cents per share when analysts were expecting it to make 49 cents per share.
The company also guided down on its estimates for the rest of the year by announcing that it now expects to make $1.43 to $1.53 earnings per share for 2010. It had previously stated that it expected to make $1.60 to $1.68 per share for 2010.