SanDisk Tops Estimates; Stock Falls 3%

SanDisk

released its fourth-quarter earnings results on Wednesday after the closing bell. The company reported net income of $281 million or $1.14 per share, compared to $485 million or $2.01 per share, in the year ago period. On a non-GAAP basis, which is comparable to analysts' consensus, SanDisk reported net income of $317 million or $1.29 per share, versus $307 million or $1.27 per share, in last year's fourth quarter. This came in ahead of Wall Street analysts' consensus EPS estimates of $1.26. Revenue for the quarter came in at $1.58 billion, which was up from the $1.33 billion that the company reported in last year's comparable quarter. This also exceeded Street consensus of $1.57 billion. In the after hours trading session, SNDK shares have lost 3.40% to $50.58.