SanDisk reported strong first quarter results and the company said it was optimistic about solid state drive sales in the retail and enterprise markets.
The company reported first quarter earnings of $166 million, or 68 cents a share, on revenue of $1.34 billion, up 11 percent from a year ago. Non-GAAP earnings for the quarter were 84 cents a share.
Wall Street was looking for non-GAAP earnings of 79 cents a share on revenue of $1.31 billion.
In a statement, SanDisk CEO Sanjay Mehrotra said the company benefited from "favorable industry supply and demand conditions" and noted that it will continue to grow its enterprise and retail SSD footprint.
The company didn't provide an outlook in its statement. Shares fell about 5 percent in afterhours trading.
On a conference call with analysts, SanDisk projected second quarter revenue to be between $1.35 billion and $1.4 billion. For the fiscal year, SanDisk is projecting revenue between $5.6 billion and $5.75 billion. Gross margins will be 41 percent to 43 percent on a non-GAAP basis in the second quarter. Those projectings were a bit ahead of Wall Street estimates.