Data center networking equipment maker QLogic reported weaker than expected results for the first quarter of the 2013 fiscal year, falling short of analysts’ expectation and triggering a dramatic decline in the company’s stock.

The vendor earned a net income of $18.4 million in the first quarter or 19 cents per share, 43 percent less than the 32.4 million, or 32 cents per share it reported for the same period a year ago. Operating expenses were up from $55.3 million 12 months ago at $58.5 million, and R&D spending is up by about 5 million.

A FactSet poll concluded a consensus estimate of 27 cents per share, considerably higher than the 19 QLogic reported.

Revenue also failed to meet expectations. The firm generated $131.3 million in sales, down 10 percent year-over-year from $144.5 million, and below the average forecast of $131.3 million. QLogic chief financial officer Jean Hu said that the “state of declines is consistent of the way the trends that have been reported by majority of our customers” during the earnings call. Here’s a more detailed breakdown:

“Our first quarter revenue from Host Products, which are comprised primarily of Fibre Channel, converged and 10-Gig Ethernet adapters, was $101 million compared to $108.9 million we recorded in the first quarter of last year.

First quarter revenues from Network Products which are comprised primarily of Fibre Channel switches was $19.5 million compared to $18.7 million recorded in the first quarter of last year.”

Silicon Products…was $9.8 million and consistent with our expectations.”

These results cause QLogic’s shares to spiral down to $2.45, or 19.4 percent, to $10.15 in midday trading according to Bloomberg.

Juniper Networks also reported its earnings last week. It managed to beat analysts’ expectations, but sales were still weak in comparison to previous quarters.