SanDisk misses 1Q earnings expectations, tops revenue forecasts

MarketsAssociated Press

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.

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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.

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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

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Keywords: SanDisk, Earnings Report