Tags: SanDisk | technology | stock | revenue

SanDisk Drops Most Since 2010 After Cutting Its Revenue Forecast

Thursday, 26 Mar 2015 11:12 AM

Shares of SanDisk Corp. made their sharpest drop in almost five years after the maker of data-storage chips for mobile devices cut its revenue forecast.

Revenue will be about $1.3 billion for the three months ending March 29, compared with as much as $1.45 billion previously projected, the Milpitas, California-based company said in a statement Thursday. SanDisk cited lower-than-expected sales from business products, delays to product qualification and lower prices.

SanDisk shares fell 17 percent to $66.11 at 9:40 a.m. New York time, their sharpest intraday decline since May 2010. The drop brought the company’s market value to $14.3 billion.

“We are disappointed with our financial outlook,” Chief Executive Officer Sanjay Mehrotra said in the statement. “We will work through these headwinds, leveraging our compelling product roadmap and broadening customer base.”

SanDisk is seeing lower demand for its chips, which are sold directly to consumers in the form of memory cards and to makers of mobile phones and tablets. The revised projection comes two months after the company forecast first-quarter revenue that missed analysts’ estimates of $1.6 billion.

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Shares of SanDisk Corp. made their sharpest drop in almost five years after the maker of data-storage chips for mobile devices cut its revenue forecast.
SanDisk, technology, stock, revenue
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2015-12-26
Thursday, 26 Mar 2015 11:12 AM
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