SanDisk Jumps After Earnings Beat (SNDK)
SanDisk (NASDAQ: SNDK) has reported a Q3 EPS of $1.59 versus the Street estimate of $1.31.
Earnings per share were up 231 percent from the year-ago period.
Revenue came in at $1.63 billion versus $1.57 billion. Sales were up 28 percent year-over-year.
"We delivered outstanding third quarter results driven by our strategy to shift to higher value solutions across our portfolio," Sanjay Mehrotra, President and CEO of SanDisk, said in a company release.
"Our client and enterprise SSD products continue to gain momentum and our acquisition of SMART Storage Systems expands our presence in enterprise SSDs. With our solid execution, we also delivered strong year over year growth in retail and embedded products."
Shares of SanDisk are currently up more than two percent.
Year-to-date, SanDisk has performed very well, rising more than 40 percent. The stock has hit a few rough patches, plunging more than six percent between April and May. But overall the company has experienced positive growth, thanks in part to the increasing demand for SSDs.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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