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What: Shares of SanDisk (Nasdaq: SNDK ) have plunged today by as much as 15% after the company reported soft first-quarter earnings.
So what: Revenue in the quarter ticked down by 7% to $1.2 billion, which was just about what the market was expecting. Adjusted earnings came up slightly shy of analysts' hopes at $0.63 per share, a few cents shy of the $0.67 per share estimate.
Now what: CEO Sanjay Mehrotra conceded that the quarter was hurt by weak pricing and weak demand in various segments; unfortunately, the same is expected in the coming quarter. However, Mehrotra believes that the second half of the year should see some seasonal improvements, which should make way for sequential growth. The company is hoping that demand for mobile and solid-state drives will help foster future gains.
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