SanDisk beats estimates as memory chip prices bounce back
(Reuters) - SanDisk Corp's (SNDK.O) quarterly results beat analysts' estimates as prices of flash memory chips rebounded from last year's lows.
SanDisk shares were up 5 percent in post-market trading, after closing at $59.44 on the Nasdaq on Wednesday.
Revenue jumped 43 percent to $1.48 billion in the second quarter.
Net income rose to $262 million, or $1.06 per share, from $13 million, or 5 cents per share, a year earlier.
Excluding one-time items, earnings were $1.21 per share.
Analysts on average had expected a profit of 93 cents on revenue of $1.39 billion, according to Thomson Reuters I/B/E/S.
Memory chip prices have been strengthening on high demand from mobile devices following an industry slump last year.
SanDisk said in April it expects higher prices for its NAND memory chips, which are used for general storage and data transfer in memory cards and solid-state drives.
Rival Micron Inc (MU.O) last month reported a better-than-expected quarterly profit as prices for its memory chips rose.
Apple Inc (AAPL.O), a major buyer of NAND chips worldwide, accounted for 13 percent of SanDisk's revenue last year.
(Reporting by Neha Alawadhi in Bangalore; Editing by Sriraj Kalluvila)
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