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CORRECTED-UPDATE 1-Memory chipmaker SanDisk's 1st-quarter revenue beats Street
April 16, 2014 / 8:17 PM / 4 years ago

CORRECTED-UPDATE 1-Memory chipmaker SanDisk's 1st-quarter revenue beats Street

(Corrects earnings per share excluding one-time items in 4th paragraph)

By Noel Randewich

SAN FRANCISCO, April 16 (Reuters) - SanDisk Corp posted first-quarter revenue above expectations as its growing focus on high-end solid-state drives helped offset volatile prices for memory chips.

Shares of SanDisk rose in after-hours trade on Wednesday after the company, whose flash memory chips are used in smartphones, cameras and solid-storage devices, said its first-quarter revenue was $1.51 billion, up 13 percent from the year-ago period. Analysts on average expected first-quarter revenue of $1.49 billion, according to Thomson Reuters I/B/E/S.

Net income in the first quarter rose to $269 million, or $1.14 per share, from $166 million, or 68 cents per share, a year earlier.

Excluding one-time items, earnings were $1.44 per share.

Shares of SanDisk were up 1.94 percent in extended trade after closing up 0.68 percent at $75.85 on Nasdaq. (Reporting by Noel Randewich; Editing by Steve Orlofsky and Jonathan Oatis)

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