Sandisk, Riverbed earnings better than expected; Marvell stumbles

Sandisk, Riverbed earnings better than expected; Marvell stumbles

Summary: Technology earnings were a mixed bag, but Sandisk delivered solid results. Riverbed topped estimates and Marvell warned.

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Sandisk's third quarter results were well ahead of expectations as the company's memory and solid state drive businesses did well.

The company reported third quarter earnings of $77 million, or 31 cents a share, on revenue of $1.27 billion, down from $1.42 billion a year ago. Non-GAAP earnings were 48 cents a share.

Wall Street was expecting Sandisk to report third quarter earnings of 33 cents a share on revenue of $1.22 billion.

Sandisk CEO Sanjay Mehrotra said the company gained share across all regions and improved its mobile embedded business as well as SSD product roadmap.

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Among other key earnings results:

Riverbed delivered a solid third quarter. The company reported third quarter earnings of $25 million, or 15 cents a share, on revenue of $219 million, up 10 percent from a year ago. Non-GAAP earnings for the third quarter were 28 cents a share.

Wall Street was expecting third quarter earnings of 25 cents a share on revenue of $216.7 million. 

Marvell cut its revenue outlook for the third quarter and announced its CFO is leaving. The company said it expects fiscal third quarter revenue to be between $765 million and $785 million. Marvell had projected sales to be between $800 million and $850 million in the quarter.

The company said that the economy, a weak PC business and lower demand for hard drives has hurt business. In addition, Marvell said that CFO Clyde Hosein was resigning to pursue other opportunities. He will be replaced on an interim basis by Brad Feller, corporate controller.

Topics: Storage, Networking, Tech Industry

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