MILPITAS, Calif., April 19, 2014: SanDisk Corporation, a global player in flash storage solutions, has announced results for the first quarter ended March 30, 2014. First quarter revenue of $1.51 billion increased 13 percent on a year-over-year basis and decreased 12 percent sequentially.
On a GAAP(1) basis, first quarter net income was $269 million, or $1.14 per diluted share, compared to net income of $166 million, or $0.68 per diluted share, in the first quarter of fiscal 2013 and $338 million, or $1.45 per diluted share, in the fourth quarter of fiscal 2013.
On a non-GAAP(2)(3) basis, first quarter net income was $330 million, or $1.44 per diluted share, compared to net income of $207 million, or $0.84 per diluted share, in the first quarter of fiscal 2013 and net income of $390 million, or $1.71 per diluted share, in the fourth quarter of fiscal 2013. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
President and Chief Executive Officer of SanDisk Sanjay Mehrotra said, “We delivered record first quarter results, driven by 61 percent growth in our SSD revenue and strong retail performance. We are excited by the momentum we are building in our business as we continue to execute on our growth initiatives.”