- Memory chipmaker SanDisk Corp reported a fall in quarterly revenue, its first in two years, hurt by lower pricing, lean inventory and weaker-than-expected sales of storage products used in data centers. SanDisk's adjusted profit also fell short of analysts' average estimate, sending the company's shares down about 1 percent in after market trading.The company makes flash memory-based products for cloud computing and datacenters, as well as for digital cameras, smartphones and other mobile devices.SanDisk is struggling to meet demand for new NAND flash memory chips and reported an unplanned maintenance at its chip foundry, due to which it cut its first-quarter and full year sales forecast last month.The company's revenue fell nearly 12 percent in the first quarter ended March 29 to $1.33 billion, in line with its lowered expectations and slightly topping analysts expectation of $1.31 billion.Net income fell to $39.0 million, or 17 cents per share, from $268.9 million, or $1.14 per share, a year earlier.On an adjusted basis, the company earned 62 cents per share, which fell short of analysts estimates of 66 cents per share, according to Thomson I/B/E/S.SanDisk had said in January it had lost a major customer, widely believed to be Apple Inc, which switched to using solid state drives made by Samsung Electronics Co Ltd in its MacBooks.The company's shares were down 1.3 percent at $70.22 in trading after the bell.The stock has lost just over a quarter of its value this year, which analysts say makes SanDisk an attractive target for companies looking to boost their presence in the enterprise market. (Reporting By Arathy S Nair and Supantha Mukherjee in Bengaluru; Editing by Savio D'Souza)
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