SAN FRANCISCO—Flash memory vendor SanDisk Corp. Thursday (July 27) reported record sales for the second quarter which exceeded consensus analysts' expectations.
SanDisk (Milpitas, Calif.) reported sales of $1.38 billion, up 6 percent sequentially and up 17 percent year-over-year. The company reported a net income for the quarter in accordance with generally accepted accounting principles (GAAP) of $248 million, or $1.02 per diluted share, up from $224 million in the previous quarter, but down from $258 million in the year-ago quarter.
On a non-GAAP basis, excluding charges, SanDisk reported a net income of $278 million, or $1.14 per diluted share, up from $251 million in the previous quarter and $258 million in the year-ago quarter.
Consensus analysts' expectations had called for SanDisk to report sales of $1.34 billion and non-GAAP earnings of 99 cents per share, according to Yahoo Finance.
"We delivered record quarterly revenue, driven by our broad product offerings and our well diversified Retail and OEM channels," said Sanjay Mehrotra, SanDisk president and CEO, in a statement. "Solid execution on product cost reductions enabled strong profitability."
SanDisk, Sales, Million SanDisk beats estimates on record Q2 sales
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