Updated from 8:41 a.m. EDT

SanDisk ( SNDK) reported 67% year-over-year earnings growth after the close Wednesday, topping Wall Street's forecasts.

Investors cheered the news: The company's shares were recently up $4.78, or 24%, to $24.76.

The flash-memory maker earned $71.82 million, or 38 cents a share, in the second quarter. That compared favorably with the $43.07 million, or 26 cents a share, the company made in the year-ago period.

SanDisk's revenue jumped 85% to $433.29 million in the quarter.

Analysts surveyed by Thomson First Call were expecting the company to earn 30 cents a share on $410.89 million in revenues in the period.

The company projected that it will post between $440 million to $460 million in revenue in the third quarter. SanDisk expects its operating income to come in at between 20% to 22% of revenue. The company did not immediately provide specific earnings guidance.

Wall Street has predicted that SanDisk will earn 32 cents a share on $445.48 million in revenue in the third quarter.

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