SanDisk Shares Climb As Fourth-quarter Results Beat Expectations

By Markets MarketWatch Pulse

Shares of SanDisk Corp. rose in Wednesday's extended session after the maker of flash memory chips' quarterly results beat Wall Street's expectations. SanDisk reported its fourth-quarter earnings fell to $135 million, or 65 cents a share, from $202 million, or 86 cents a share, in the same quarter last year. On an adjusted basis, the company earned $1.26 a share. Revenue declined 11% to $1.54 billion. Analysts surveyed by FactSet had forecast earnings of 89 cents a share on revenue of $1.45 billion. SanDisk shares gained 1.2% in after-hours trading. The stock is down 4.8% week-to-date after an analyst at CLSA downgraded the stock to underperform from outperform on concerns over whether the acquisition by Western Digital Corp. will proceed as planned.

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