SanDisk Shares Rise As Earnings Beat Wall Street's Expectations

By Sue ChangMarketsMarketWatch Pulse

Shares of SanDisk Corp. rose in Wednesday's extended session after the maker of flash memory chips turned in better-than-expected quarterly results, although revenue still fell from the previous quarter. SanDisk reported its first-quarter earnings jumped to $78 million, or 37 cents a share, from $39 million, or 17 cents a share, in the same quarter last year. On an adjusted basis, the company earned 82 cents a share. Revenue grew 3% year-on-yeaer to $1.37 billion but shrank 11% sequentially. Analysts surveyed by FactSet had forecast earnings of 55 cents a share on revenue of $1.22 billion. SanDisk shares gained 0.7% in after-hours trading.

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