QLogic Corp.'s earnings were down, but the company acquired NetXen at the same time during this challenging economic situation. 

QLogic Corp. announced that it has acquired NetXen, Inc. QLogic will pay approximately $21 million in cash for NetXen (subject to certain closing adjustments). Both companies serve the same customers and address similar markets. This acquisition provides QLogic with complementary networking products and intellectual property. The acquisition further expands QLogic’s expertise in strategic areas of technology and enables the company to better address a wider range of emerging customer requirements for converged networks.

They also announced their financials, saying they missed analyst expectations and posted a 16 percent drop in its fiscal fourth-quarter profit as revenue declined across the network-equipment maker's segments. 

For the three months ended March 29, QLogic said it earned $19.2 million, or 16 cents per share, compared with $22.8 million, or 17 cents per share a year earlier. And the company earned 20 cents per share that quarter.  On average, analysts expected quarterly earnings of 21 cents per share.

You can read the full transcript of the earnings call from Seeking Alpha.