SanDisk (SNDK) Slumps as Q1 Results See Margin Pressure
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Price: $1,596.08 -0.28%
Financial Fact:
Total cost of product revenues: 822.41M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Total cost of product revenues: 822.41M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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SanDisk (Nasdaq: SNDK) shares are lower following first-quarter results from the memory maker Thursday afternoon. The stock last traded at $47.95, down about 2 percent from the closing price.
Non-GAAP net income in the quarter was $251 million, or $1.03 per share, an 18 percent drop from the $307 million reported during the first quarter of last year.
Revenue increased 19.1 percent from $1.09 billion last year to $1.29 billion.
Analysts were looking for EPS of $0.99 on revenue of $1.26 billion.
Non-GAAP product gross profit grew 15 percent to $474 million, but its impact on overall product revs declined 240 basis points to 39.7 percent.
President and CEO Sanjay Mehrotra commented, "We have been actively managing our supply chain following the recent events in Japan and believe we remain on track to deliver a strong 2011 for SanDisk."
Non-GAAP net income in the quarter was $251 million, or $1.03 per share, an 18 percent drop from the $307 million reported during the first quarter of last year.
Revenue increased 19.1 percent from $1.09 billion last year to $1.29 billion.
Analysts were looking for EPS of $0.99 on revenue of $1.26 billion.
Non-GAAP product gross profit grew 15 percent to $474 million, but its impact on overall product revs declined 240 basis points to 39.7 percent.
President and CEO Sanjay Mehrotra commented, "We have been actively managing our supply chain following the recent events in Japan and believe we remain on track to deliver a strong 2011 for SanDisk."
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