SanDisk (NASDAQ:SNDK) saw profit tumble amid falling revenue.
Earnings and Revenue The company posted revenues above analyst predictions, though the company's EPS came up short of expectations. The company reported EPS of 5 cents a share versus the 17 cents a share estimate and revenues of $1.03 billion versus the $1.02 billion estimate.
The company's net income for the quarter fell 94.8% to $13 million. Revenue fell 24.9% from $1.37 billion in the same period last year.
Company Fundamental Trends Revenue declined last quarter after shrinking 6.8% to $1.21 billion in the first quarter.
History Against Expectations The company has now missed estimates in the last two quarters. In the first quarter, it missed expectations by 5 cents with net income of 56 cents versus a mean estimate of net income of 61 cents per share.
Official Comment: "We delivered second quarter results in line with our forecast, reflecting short-term weakness in our mobile OEM sales, strength in retail, especially in international markets, and growth in our enterprise and client SSD products," said Sanjay Mehrotra, president and chief executive officer of SanDisk. "I am pleased to report that our SSD revenues achieved 10% of second quarter sales with growing adoption of our solutions by major OEMs. We also made good progress on our embedded product roadmap for mobile customers. We believe that strengthening industry fundamentals and our expanding portfolio of solutions will contribute to improving financial results in the second half of 2012."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.