SanDisk Tumbles 10% Following Lowered Q4 Guidance

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Shares of SanDisk Corporation SNDK fell over 10 percent Monday following disappointing preliminary Q4 results.

The company estimates that total revenue will be approximately $1.73 billion, lower than the previously forecasted revenue range of $1.80 billion to $1.85 billion. Analysts has estimated revenue at $1.84 billion.

The lower revenue was primarily due to weaker than expected sales of retail and iNAND products.

Non-GAAP gross margin for the fourth fiscal quarter is expected to be approximately 45 percent compared to the previously guided range of 47 percent to 49 percent.

SanDisk Corporation recently traded at $86.45, down 10.91 percent.

Posted In: NewsGuidance
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