logo-loader
viewSanDisk Corporation

SanDisk plunges on gloomy Q3 outlook

mobile_phone_on_chart_350_53c8297f0a5d3.jpg

SanDisk Corp. (NASDAQ:SNDK), whose chips store data in mobile devices, tumbled as much as 14 percent after giving a current-quarter revenue forecast that was below Wall Street's estimate.

Shares fell 14.2 percent to $92.40 at 3:36 p.m. in New York.

Third-quarter revenue is projected to be $1.68 billion to $1.73 billion, the Milipitas, California-based company said in a statement late yesterday. That was short of analysts' average estimate of $1.74 billion.

SanDisk also reported second-quarter profit and revenue that barely beat analysts' expectations.

Net income rose 4.6 percent to $273.9 million, or $1.14 per share. Excluding one-time items, SanDisk earned $1.41 per share.

Revenue rose 11 percent to $1.63 billion.

Analysts had expected a profit of $1.39 per share on revenue of $1.60 billion.

SanDisk's growing focus on high-end solid-state drives, or SSDs, helped offset volatile prices for memory chips, powering the company's stellar results and, since late March, its stock's rise to life-high levels.

 

 

Quick facts: SanDisk Corporation

Price: - -

NASDAQ:SNDK
Market: NASDAQ
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

AzurRx reveals most recent advancements in its gastrointestinal disorder...

AzurRx BioPharma, Inc. (NASDAQ:AZRX) CEO James Sapirstein tells Proactive the New York-based biotechnology company how its advancing its treatment of patients with gastrointestinal disorders. Sapirstein, who has helped to raise more than $6.9 million for the company, says he's not concerned...

1 hour, 51 minutes ago

2 min read