SanDisk Corp. (SNDK), Tuesday lowered its first-quarter revenue outlook, due largely to weaker pricing and demand. The news dragged SanDisk shares down by seven percent in after-hours trade on the Nasdaq.
The Milpitas, California-based flash-memory card maker now expects first quarter total revenue of about $1.2 billion, compared to prior the estimate in the range of $1.30 billion to $1.35 billion. Analysts polled by Thomson Reuters currently expect revenues of $1.34 billion for the quarter.
SanDisk currently expects total gross margin to be below its guidance range of 39 to 42 percent.
SanDisk is scheduled to release its first-quarter results on April 19.
SanDisk designs and makes NAND flash memory storage solutions that are used in various consumer electronics products. Its products include removable cards under the SanDisk Ultra, SanDisk Extreme, and SanDisk Extreme PRO brands; embedded products under the iNAND brand; universal serial bus (USB) flash drives under the Cruzer brand; digital media players under the Sansa brand; solid state drives under the Lightning brand; and wafers and memory components.
SNDK closed Tuesday's trading at $50.05, up 0.91% However, in the after-hours, the stock fell 7.85%. Trading volume for the day was 4.7 million shares, below the three-month average volume of 5.5 million.
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