SanDisk Shares Rise As Earnings Beat Wall Street's Expectations

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.