NEW YORK ( TheStreet) -- Flash memory specialist SanDisk ( SNDK) topped Wall Street's estimates with its fourth-quarter results, boosted by strength in Asia and its mobile business.

SanDisk reported revenue of $1.33 billion after market close on Thursday, up 7% on the same period last year, and above Wall Street's forecast of $1.31 billion. Excluding items, SanDisk earned $1.27 a share, compared to $1.18 a share in the prior year's quarter. Analysts surveyed by Thomson Reuters had predicted earnings of $1.09 a share.

"Our growth was driven by accelerating momentum in the mobile embedded business and gains in Asia-Pacific markets and customers," said SanDisk CEO Sanjay Mehrotra, in a statement. "The market environment continues to be robust and we expect 2011 to be another strong year for SanDisk with smartphones and tablets continuing to lead our growth."

SanDisk, which provides Flash for Apple ( AAPL), has been cited as one of tech's spending winners for the year. The company grew its product revenue 9% year-over-year to reach $1.24 billion during the fourth quarter.

"We're very well positioned on the tablet market ," Mehrotra told CNBC during an interview after market close. "Flash really enables tablets -- they would not be possible without Flash."

SanDisk shares, however, slipped $1.32, or 2.57%, to $50 in extended trading.

--Written by James Rogers in New York.

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