SanDisk Corp. (NASDAQ: SNDK) has posted poor earnings today. The flash memory leader posted -$0.10 EPS on a non-GAAP Basis on $816 million in revenues. Earnings estimates from First Call were $0.13 EPS on just over $906 million in revenues.
The company said it is reducing future supply growth and cap-ex and isgoing to delay its next production ramp up out to beyond April 2009.The company cites rapid deterioration in consumer confidence for themiss. While it tried to be positive about holiday demand ahead, it’shard to get excited here at all.
SanDisk shares closed up 2% at $17.93 as Wall Street was hoping theworst had been seen. Shares are giving it up after the unexpecteddismal report as shares are down at $16.50 in the immediate reaction toearnings in active after-hours trading.
That’s far worse than even the negative bias crowd was expecting. No guidance was given, but no one is waiting for that to give this report a bad grade.
Jon C. Ogg
July 21, 2008
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