Sandisk 2Q results beat Wall Street estimates

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MILPITAS, Calif. (AP) — Flash memory storage maker SanDisk Corp. reported second-quarter results late Thursday that were well ahead of Wall Street’s estimates and its shares jumped in after-hours trading.

The company reported net income of $248.4 million, or $1.02 per share, on $1.37 billion in revenue for the three months ended July 3. That compares with net income of $257.9 million, or $1.08 per share, on $1.18 billion in revenue for the same period a year ago.

Excluding items, SanDisk earned $1.14 per share in the latest quarter.

Wall Street on average had expected the company to earn 99 cents per share excluding items, on $1.34 billion in revenue, in the latest quarter, according to a survey of analysts polled by FactSet.

SanDisk’s shares rose 94 cents, or 2.3 percent, to $42.51 in extended trading following the release of the earnings report.