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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sandisk Corp. | NASDAQ:SNDK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 76.18 | 0 | 01:00:00 |
By Lisa Beilfuss
SanDisk Corp. said profit plunged 86% in the first quarter, as revenue fell and the company booked acquisition and restructuring-related charges.
SanDisk reported a profit of $39 million, or 17 cents a share, down from $269 million, or $1.14 a share, a year earlier. Excluding one-time charges, the company booked 62 cents a share in profit, down from $1.44 in the previous year's first quarter.
Analysts, according to Thomson Reuters, expected 66 cents a share of earnings.
Revenue fell 12% to $1.33 billion. The company had expected $1.3 billion, an estimate it trimmed last month from a previous range of $1.4 billion to $1.45 billion.
"We are disappointed with our financial and operational performance and are quickly taking aggressive measures to regain the excellence in execution that we have delivered in the past," said Chief Executive Sanjay Mehrotra. "Our top priorities for 2015 are to strengthen our product road map and rebuild our momentum across the business," he added.
The Silicon Valley-based company, a major maker of flash-memory chips, has benefited from the explosive growth in demand for products such as smartphones.
But the company warned about revenue twice since the start of the year, most recently late last month when it said the metric would come in about 9% below the midpoint of its previous forecast and that full-year revenue would miss expectations by an unspecified amount.
SanDisk cited unspecified product-qualification delays along with lower-than-expected sales of enterprise products and lower pricing. In January, the company blamed weaker sales of its retail and iNAND flash memory products and pointed to maintenance issues with production lines in Japan that had affected inventories.
Compounding its problems was the loss of a major customer for its solid-state drives, which are flash-based devices that store data in computers. Some analysts believe Apple Inc. switched to Samsung from SanDisk for SSDs.
Analysts at Wedbush estimate SSD revenue from Apple was $441 million in 2014, about 7% of SanDisk's top line, and they say SanDisk could be at risk to losing market share to Samsung in Apple's coming iPhone 6S.
Revenue from enterprise solutions, an area SanDisk had identified as a major growth opportunity, was 14% of overall revenue, up from 6% a year ago.
SanDisk shares fell 1.2% to $69.89 in after-hours trading. The stock had fallen 27% this year through Wednesday's close.
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