SanDisk Cuts Revenue Forecast, Shares Plummet

SanDisk Corporation SNDK shares were down nearly 15 percent in pre-market trading after the company cut its revenue outlook for FY15, blaming lower-than-expected sales and pricing pressures. The company also rescheduled its Investor Day, which it had scheduled for May.

SanDisk cut its revenue by $100 to $150 million to $1.3 billion for Q1, just two months after issuing those forecasts in January. The company previously reported disappointing Q4 results and even hinted that its revenue would contract through H1 2015.

In that earnings report, the company also shocked investors with projected revenue of $6.5 to $6.8 billion compared to analyst expectations of more than $7.2 billion. That caused an immediate slump in the stock; however, shares stabilized before Thursday's announcement.

At Wednesday's closing price, shares of SanDisk were down 17 percent for the year at $81.18.

Shares traded recently at $66.64, down more than 17 percent on the day.