SanDisk Corp. on Wednesday reported first-quarter net income of $39 million.
The Milpitas, California-based company said it had profit of 17 cents per share. Earnings, adjusted for one-time gains and costs, were 62 cents per share.
The results missed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The flash-memory chip maker posted revenue of $1.33 billion in the period, beating Street forecasts. Nine analysts surveyed by Zacks expected $1.32 billion.
A year ago SanDisk earned $268.9 million, or $1.14 per share, on revenue of $1.51 billion.
Shares of the company slipped nearly 6 percent, or $4.12, to $67 in after-hours trading. SanDisk shares have declined 27 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 2 percent.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SNDK at http://www.zacks.com/ap/SNDK
Keywords: SanDisk, Earnings Report