SanDisk (SNDK) Earnings Fall 42 Percent In Fourth Quarter

January 26, 2012, 10:28 PM

SanDisk Corp. (Nasdaq:SNDK),maker of  flash memory chips, reported on Wednesday that its earnings dropped 42 percent in the fourth quarter due to unexpected higher costs.

In the fourth quarter which ended on December 31, SanDisk said its earnings were $281.2 million, or $1.14 per share, compared to earnings of $485.5 million, or $2.01 per share, a year earlier. Excluding one time items, adjusted earnings were $1.29 per share. Analysts were expecting $1.26 per share.

Revenue increased 19 percent to $1.58 billion. The results surpassed analyst predictions of $1.46 billion.

“We are pleased to deliver record quarterly and annual revenues with robust profitability,” “The secular demand trends for NAND flash remain vibrant and we are particularly excited about the new growth opportunities for our business in the Enterprise and Client Computing markets.” Sanjay Mehrotra, President and CEO, said in a statement.

SanDisk shares were down $2.04 to $50.30 in after market trading.

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Tags: 4q, Nasdaq, sandisk, sndk