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Sandisk reported earnings on Wednesday that blew past Wall Street expectations, sending shares higher.
The flash memory chip provider earned 36 cents in its second quarter on sales of $730.6 million, compared with a loss of 10 cents a share on sales of $816 million in the same period last year.
Analysts who follow Sandisk expected the company to turn in a loss of 16 cents a share on sales of $710 million, according to a consensus from Thomson Reuters.
Sandisk shares [SNDK
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], which closed Wednesday at $18.99, rose in extended trading.
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"It was a good quarter and we executed very well," Eli Harari, chairman and CEO of Sandisk, told CNBC. "The industry fundamentals definitely have improved. Demand and supply are in good balance and pricing was stable throughout the quarter."
The cost cutting efforts that Sandisk took during the fourth quarter of last year helped produce good results, he said.
"The flash market is still a young market. What you're seeing in the mobile market are all driving demand for flash memory—this is like a new renaissance for flash," said Harari. "We should see significant growth opportunities in the next several years and I believe Sandisk is very well positioned in those markets."
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