SanDisk Q1 Profit Falls

(RTTNews) - SanDisk Corp. (SNDK) reported net income for the first quarter of $39.0 million or $0.17 per share, compared to $268.9 million or $1.14 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $133.7 million or $0.62 per share, compared to $330.0 million or $1.44 per share in the prior year quarter.

Revenue for the first quarter fell 12% to $1.33 billion from $1.51 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.66 per share on revenue of $1.31 billion for the first quarter. Analysts' estimates typically exclude special items.