logo
Share SHARE
FONT-SIZE Plus   Neg

SanDisk Lowers Q1 Revenue Outlook, Shares Fall 7%

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Tiffany & Co. (TIF) reported first-quarter net earnings of $87 million, or $0.69 per share compared to $105 million, or $0.81 per share, in the prior year. The company noted that its first-quarter results included a tax benefit of $0.05 per share related to the settlement of a tax examination. On average,... Shares of Marks & Spencer Group plc were losing around 8 percent in the early morning trading in London, after the retailer reported lower profit in its fiscal 2016, hurt mainly by weak results at clothing & Home segment and lower UK LFL sales. Looking ahead, the company warned about profit, and said it sees a similar sales trend in fiscal 2017. The next iPhone to come out in 2017 may have a much clearer screen. As per reports, the iPhone 7 will use AMOLED technology in their new model, which will also sport a bigger 5.8-inch screen. It was also reported that the suppliers are already gearing up for a huge jump in orders.
comments powered by Disqus
Follow RTT