"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. According to 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.