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SanDisk Turns Earnings Into Sand (SNDK)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

Sandisk_logoSanDisk 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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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