SAN FRANCISCO—Flash memory maker SanDisk Corp. Thursday (April 19) reported quarterly sales and profit that fell short of analysts' expectations and said it expects sales to fall significantly further in the current quarter.
SanDisk (Milpitas, Calif.) reported sales of $1.21 billion for the quarter ended April 1, down 24 percent from the previous quarter and down 7 percent compared to the year-ago quarter. The company posted a net income in accordance with generally accepted accounting principles (GAAP) of $114 million, or 46 cents per diluted share, down 59 percent from the previous quarter and down 49 percent from the the year-ago quarter.
On a non-GAAP basis, excluding charges and special items, SanDisk reported a net income of $156 million, or 63 cents per share, down 51 percent from the previous quarter and down 37 percent from the year-ago quarter.
SanDisk, which warned earlier this month
warned that first quarter sales would be lower than previously expected, came up short of consensus analysts' expectations of $1.23 billion in revenue and non-GAAP earnings of 70 cents per share, according to Yahoo Finance.
"Our first quarter results were adversely impacted by lower-than-expected pricing and demand weakness in certain segments and we expect similar trends in the second quarter as well," said Sanjay Mehrotra, SanDisk president and CEO, in a statement. "We believe a seasonally stronger demand environment in the second half of the year, combined with our diversifying portfolio of mobile and SSD solutions, will allow us to deliver strong sequential revenue growth in the third and fourth quarters."
For the current quarter, SanDisk said it expects sales to decline to between $950 million and $1.05 billion, down 8 to 13 percent sequentially. The sales target came up well short of consensus analysts' expectations of $1.31 billion, according to Yahoo Finance.
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