announced first-quarter results Thursday that beat top- and bottom-line expectations.
SanDisk announced a first-quarter earnings loss of $575,000, or breakeven, compared with a profit of $35.1 million, or 17 cents a share last year.
First-quarter revenue at the Milpitas, Calif.-based companycame in at $786 million, a 26% boost from a year ago.
With certain items excluded, income at the maker of flash-data storage card products was $45 million, or 19 cents a share, vs. $90 million, or 44 cents, last year.
On that basis, results beat estimates of analysts surveyed by Thomson First Call of 17 cents a share on revenue of $756.88 million.
"First-quarter results reflected the current difficult market conditions," said SanDisk CEO Eli Harari in a press release. He cited "excess supply, sharp price declines and depressed margins" as market conditions that were "exacerbated by weak seasonal consumer demand in retail."
Harari expects excess inventory and depressed pricing to continue through the second quarter, "possibly extending through the summer months, putting pressure on our margins," he said.
"Our outlook is optimistic for renewed growth heading into the fourth quarter of 2007 and forward to 2008," the CEO said.
Shares of SanDisk lost $2.79, or 6.2%, to $42.41 in aftermarket trading.