SanDisk Shares Climb As Fourth-quarter Results Beat Expectations

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.