Flash memory provider SanDisk came out of the holiday season with a spring in is step, as it smashed Wall Street expectations for the fourth quarter.
The company reported $1.74 billion in revenue, up slightly year-over-year, or $1.18 cents a share (statement). On a non-GAAP basis, net income was $294 million on $1.30 per share.
Wall Street was expecting SanDisk to report third quarter earnings of $1.73 billion, or $1.27 a share.
SanDisk chief executive Sanjay Mehrotra said the company will continue shifting its portfolio towards high-value solutions. He added that the fourth quarter could have been better.
"Our SSD solutions reached 29 percent of revenue in 2014, with strong growth from both client and enterprise SSDs. We are disappointed with our fourth quarter results, which were impacted primarily by supply constraints. We believe that NAND flash industry fundamentals are healthy, and we expect our financial results to improve as we move through 2015."
The company announced a dividend of 30 cents per share. It also announced a $2.5 billion increase in its share repurchase program.