SanDisk misses in Q3 despite record year

SanDisk CEO Sanjay Mehrotra maintained praise for the company's accomplishments, noting that 2014 has still been a record year for the flash memory maker.

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After issuing tepid third-quarter revenue guidance, Flash memory maker SanDisk reported Q3 results after the bell Thursday that failed to meet the expectations of the street. 

The company reported Q3 earnings of $263 million, or $1.09 a share, on revenue of $1.75 billion, up 7 percent from a year ago. Non-GAAP earnings were $1.45 a share.

Wall Street was looking earnings of $1.33 a share on revenue of $1.77 billion. 

Sanjay Mehrotra, president and chief executive officer, reflected on the quarter in prepared remarks:

Third quarter results reflect the strength of our diversified product portfolio, broad customer engagements and solid execution. Demand for NAND flash continues to be strong across mobile, client and enterprise, where SanDisk’s innovations are creating significant opportunities. As we focus on closing a record 2014, we also look forward to building upon our success in 2015.

SanDisk acquired Fusion.io for 1.1 billion back in June. The company develops flash-based PCIe hardware and software tools — technology that likely bolstered SanDisk's strategy to target the enterprise and datacenters. The acquisition is expected to add to non-GAAP earnings in the second half of fiscal 2015. 

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