Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nasdaq  >  SanDisk Corporation    SNDK

No quotes available
-- USD   0.00%
08/24 SANDISK : Western Digital SanDisk® InfiniFlash™ Platform Adopt..
08/22 WESTERN DIGITAL : Announces Successful Repricing of $3.0 Billion Ter..
08/02 WESTERN DIGITAL : Announces Financial Results for Fourth Quarter and..
SummaryQuotesNewsAnalysisCalendarCompanyFinancials 
News SummaryMost relevantAll newsSector news 

SanDisk Corporation : SanDisk Earnings Fall As Inventory Grows And Prices Fall

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/20/2012 | 12:57am CEST

--SanDisk sees Q2 Revenue of $950M to $1.05B

--Says second half of 2012 should improve with more smartphone releases

--Soft numbers contrast with smartphone makers Apple and Samsung

(Incorporates updates throughout.)

 
   By Ian Sherr and Shara Tibken 
   Of  
 

SanDisk Corp.'s (SNDK) first-quarter earnings fell 49% as inventory grew and prices declined more than expected.

The Milpitas, Calif. chip maker, once mainly known for small storage cards and thumb drives, has also built a big business selling flash memory chips used in such devices as well as smartphones, tablets and digital music players.

SanDisk also recently made an acquisition to give it a bigger foothold in solid-state drives, flash-based storage devices that are being used in greater numbers in data centers and personal computers.

The softness at SanDisk contrasts with bullish results from some smartphone makers, such as Apple Inc. (AAPL) and Samsung Electronics Co. (SSNHY, 005930.SE). But it echoes weakness seen at other handset makers like Research in Motion Ltd. (RIMM, RIM.T) and Nokia Corp. (NOK).

SanDisk has now posted weaker earnings for five quarters running, amid lower licensing revenue, softer margins and one-time charges, among other issues. Earlier this month, SanDisk reduced its first-quarter revenue expectations due to weaker-than-expected pricing and demand.

The company forecast second-quarter revenue between $950 million and $1.05 billion, saying additional pricing and demand challenges would persist. Analysts on average had been expecting revenue of nearly $1.3 billion, according to a survey by Thomson Reuters.

SanDisk said sales should pick up in the second half of the year, as a bevy of new mobile devices hit the market ahead of the back-to-school and holiday shopping seasons.

"We believe that smartphones, tablets, ultrabooks and solid-state drives along with stronger seasonality should lead to an improved demand environment," Sanjay Mehrotra, SanDisk's chief executive, said on a conference call with analysts.

But, SanDisk said, its full-year revenue will be below what it tallied at the end of last year.

SanDisk reported a first-quarter profit of $114.4 million, or 46 cents a share, down from $224.1 million, or 92 cents a share, a year earlier. Excluding stock-based compensation costs, income tax adjustments and other one-time items, per-share earnings fell to 63 cents from $1.03. Analysts polled by Thomson Reuters were expecting 69 cents.

Total revenue fell 6.9% to $1.21 billion. The company a few weeks ago forecast $1.2 billion, down from an already downbeat view.

Gross margin narrowed to 34.5% from 42.6%. Input costs rose 6.3%.

Shares closed at $40.47 and were down more than 10% in after-hours trading. The stock is down 18% so far this year through Thursday's close.

-By Ian Sherr and Shara Tibken, Dow Jones Newswires; 415-439-6455; ian.sherr@dowjones.com

--Ben Fox Rubin contributed to this article.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SANDISK CORPORATION
08/24 SANDISK : Western Digital SanDisk® InfiniFlash™ Platform Adopted by SoftBa..
08/22 WESTERN DIGITAL : Announces Successful Repricing of $3.0 Billion Term B Loans an..
08/19 SANDISK : Combine Solicitation - 67-- Camera and Studio Equipment
08/02 WESTERN DIGITAL : Announces Financial Results for Fourth Quarter and Fiscal Year..
07/18 Toshiba, Western Digital open new flash memory fab in Japan
07/12 SANDISK : The art of Managing Smartphone Photos
06/30 Western Digital Collaborates with Hewlett Packard Enterprise and VMware to De..
06/29 SANDISK : New SanDisk microSD takes storage to the next level
06/28 SANDISK : Lanza SanDisk carcasa con memoria extra
06/26 SANDISK : Add more space to your iPhone with this case
More news
Sector news : Storage Devices
08/27DJHEWLETT PACKARD : HP, HP Enterprise Accused of Age Discrimination in Suit -- Upd..
08/27DJHEWLETT PACKARD : HP, HP Enterprise Accused of Age Discrimination in Suit
08/26DJIcahn-Ackman Herbalife Trade Could Be a Win-Win for the Brawling Billionaires
08/26DJBE SAFE : Update Your iPhone to iOS 9.3.5
08/26DJBE SAFE : Update Your iPhone to iOS 9.3.5
More sector news : Storage Devices
News from SeekingAlpha
05/18 Tracking David Einhorn's Portfolio - Q1 2016 Update
05/18 Google Takes On Amazon, And HP Makes Big 3D Printing Claims
05/12 Seed War Sparked - Bayer And BASF To Battle Over Monsanto?
05/12 Western Digital closes $15B-plus acquisition of SanDisk
05/11 30% Gain Left In Microsoft Target?
Advertisement
Income Statement Evolution
More Financials
Managers
NameTitle
Michael C. Ray President & Secretary
Manish Bhatia Senior Vice President-Worldwide Operations
Kevin Conley Chief Technology Officer & Senior Vice President
Ravi Naik Chief Information Officer & Senior Vice President
Brendan Lahiff Investor Relations Contact
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SANDISK CORPORATION0.25%0
WESTERN DIGITAL CORP-21.85%10 935
NETAPP INC.31.89%9 736
PURE STORAGE INC-26.78%2 216
HITACHI MAXELL LTD-27.17%815
NIMBLE STORAGE INC-7.50%717
More Results