SanDisk swings to a profit on sales
From Times Wire Services
SanDisk Corp., the biggest maker of digital-camera memory chips, reported a fourth-quarter profit of $105.8 million on higher demand for its mobile-phone products.
Net income was 45 cents a share, compared with a loss of $35.1 million, or 17 cents, a year earlier. Quarterly sales rose 7.1% to $1.25 billion.
SanDisk, based in Milpitas, Calif., sold a record 51 million cellphone chips, which let people store photos and music on handsets. But its forecast that sales in the current quarter would rise as much as $875 million disappointed Wall Street analysts, who were expecting, on average, $989.6 million.
Shares gained 27 cents to $25.89 before results were released. In extended trading, they added as much as 11 cents to $26.
