SanDisk's proft jumps; CEO to step down
4:38 PM ET 7/22/10 | Marketwatch
SAN FRANCISCO (MarketWatch) -- SanDisk Corp. on Thursday reported a nearly fivefold jump in profit, as sales of memory chips soared.
But shares of the chip maker (SNDK) took a hit in after-hours trading, falling sharply by roughly 8%, as SanDisk also announced that its founder and chief executive, Eli Harari, was stepping down at the end of the year.
Harari will be replaced by Sanjay Mehrotra, currently the company's president and chief operating officer, who will take the helm on Jan. 1, 2011.
SanDisk reported a second-quarter profit of $257.9 million, or $1.08 a share, compared with a profit of $52.5 million or 23 cents a share for the year-earlier period. Revenue was $1.18 billion, up from $730.6 million.
Analysts had expected the chip company to report earnings of 90 cents a share, on revenue of $1.16 billion, according to a consensus survey by FactSet Research. |
