SanDisk Earnings Rise, Top Wall Street Predictions
SanDisk on Thursday reported third-quarter earnings of $130 million, or 54 cents per share, up from $124 million, or 51 cents per share in the year-ago quarter, beating analysts' estimates.
Sandisk shares gained 45 cents, at $50.76 in after-hours trade.
A Thomson Financial analyst survey had called for third-quarter earnings of 32 cents per share on revenue of $930.7 million.
However, the flash-memory card maker's results excluded the impact of acquisition-related charges, stock compensation expense and the related tax effect.
"We are very pleased with our third quarter results. Demand was exceptionally strong in international retail, following our strategy to aggressively expand our business outside of North America," Eli Harari, chairman and chief executive, said in a statement.
"In the mobile phone market we sold a record 42 million units, reinforcing the enormous global opportunity which is unfolding. USB revenues also contributed significantly to our growth in the quarter," the CEO added.
During the quarter, SanDisk opened its first captive production facility in China. The plant will focus on assembly and testing of advanced fash memory cards especially for the mobile phone market.