SanDisk Shares Slip After Profit Tops Forecasts, But Sales Fall Shy

Shares of SanDisk slipped 2% in after-hours trade Thursday as better-than-expected third-quarter profit was offset by sales that fell a bit shy. Net earnings fell to $263 million, or $1.09 a share, from $277 million, or $1.18 a share, in the year-earlier period. Excluding non-recurring items, adjusted per-share earnings were $1.45, beating the FactSet consensus analyst estimate of $1.34. Revenue rose 7% from last year to $1.75 billion, just missing analyst forecasts of $1.77 billion. The stock has lost 21% since the company reported second-quarter results through Thursday, but was still up 21% year to date, compared with a 0.8% rise in the S&P 500.