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

Full interview: Lexaria Bioscience and Cannadips CEO’s discuss key point of...

Lexaria BioScience (OTC: LXRP-CSE: LXX) CEO Chris Bunka and Case Mandel, CEO of Cannadips joined Steve Darling from Proactive Vancouver on Skype with news the company has signed a licensing deal for their DehydraTech technology with Cannadips from Humboldt, California. Bunka telling Proactive...

4 hours, 46 minutes ago

2 min read