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NEW YORK (
TheStreet) -- Shares of
SanDisk(SNDK - Get Report) fell in late trades on Wednesday despite an above-consensus fourth-quarter profit from the flash memory maker.
The company reported a non-GAAP profit of $317 million, or $1.29 a share, for the three months ended Dec. 31 on revenue of $1.58 billion, beating the average estimate of analysts polled by
Thomson Reuters for earnings of $1.26 a share on revenue of $1.57 billion.
"We are pleased to deliver record quarterly and annual revenues with robust profitability," said Sanjay Mehrotra, the company's president and CEO, in a statement. "The secular demand trends for NAND flash remain vibrant and we are particularly excited about the new growth opportunities for our business in the Enterprise and Client Computing markets."
The stock was last quoted at $47.33, down 9.6%, on volume of nearly 650,000, according to
Nasdaq.com. Based on Wednesday's regular-session close at $52.34, the shares are up 4% so far this year and 2.4% over the past year, hitting a 52-week high of $53.46 on Oct. 28.
Wall Street may be disappointed with slightness of SanDisk's beat as the company had delivered upside surprises of 12% and 14% in the two preceding quarter. In addition, SanDisk showed a year-over-year decline in gross profit as a percentage of revenue with the latest quarter coming in at 43.9% from 47.2% last year on a non-GAAP basis.
Thomson Reuters data, gross margins came in at 42.88% for the fourth quarter, down from 44.27% in the third quarter.
Check out TheStreet's quote page for SanDisk for year-to-date share performance, analyst ratings, earnings estimates and much more.
Netflix(NFLX - Get Report) surged in the extended session after the DVD-by-mail and online streaming entertainment content subscription company
handily beat Wall Street's consensus profit view.
The stock was last quoted at $108.15, up nearly 14%, on late volume of 3.6 million after Netflix said it earned 73 cents a share in its fiscal fourth quarter, topping the average analysts' view of 55 cents a share by more than 30%.
After a dismal 2011 where the shares lost more than half their value amid management miscues, competitive concerns, and rising content acquisition costs, Netflix has come back with a vengeance so far in 2012. The stock has been the biggest percentage gainer in the
S&P 500, rising 33.7% through Wednesday's close at $95.04.