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NEW YORK (TheStreet) -- SanDisk (SNDK) reported third-quarter earnings that beat the consensus estimate, but were light on revenue.

SanDisk said third-quarter net income rose to $311 million, or $1.30 a share, from net income of $176 million, or 75 cents a share the same time last year. Analysts on average were expecting earnings of $1.05 a share.

SanDisk revenue rose 32% to $1.23 billion, from $935.17 million the previous year. Analysts on average were expecting revenue of $1.24 billion.

During the quarter, SanDisk product revenue was up 40% year-over-year. Meanwhile, license and royalty revenue was down 21% year-over-year. Average price per gigabyte sold declined 20% year-over-year.

SanDisk recently introduced the industry's first embedded solid-state drive, the SanDisk integrated SSD, a high-capacity storage system for mobile computing platforms such as tablet PCs and thin notebooks.

The company recently also launched a new media player, Sansa Fuze, with a microSDHC card slot that is compatible with the SanDisk slotRadio pre-loaded music card or with any other microSD card containing music, videos and photos.

SanDisk stock was up by 8.9% to $40.41 in after-hours trading.

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-- Written by Andrea Tse in New York.

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