NEW YORK ( TheStreet) -- SanDisk ( SNDK) shares fell 3.09% to $54.00 in extended-hours trading even after the flash memory chip maker beat on both the top and bottom lines for the first quarter. Andy Ng, an analyst at Chicago-based Morningstar told TheStreet that the sharp drop right after the earnings release can be explained by the general panic around tech stocks Wednesday. The move in SanDisk may have been more exaggerated than some of the other tech declines Wednesday because semiconductor stocks tend to be more cyclical and more volatile. "People try to play the cycle," Ng explained. Shares had fallen as much as 6.62% to $52.10, before recovering slightly in after-hours. SanDisk said first-quarter revenue increased 11% to $1.34 billion from a year ago as solid state drive products drove 20% of sales. Analysts, on average, were expecting revenue of $1.31 billion. Sales fell 13% sequentially. The company posted first-quarter adjusted net income of $207 million, or 84 cents a share, beating the consensus earnings estimate of 79 cents, according to Thomson Reuters. Written by Andrea Tse in New York >To contact the writer of this article, click here: Andrea Tse.