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Sandisk’s Q1 Profit Declines

Milpitas, Calif. – Sandisk’s Q1 earnings fell 49 percent, its
fifth straight quarterly decline, as it reported a profit of $114.4 million,
down from $224.1 million in last year’s first quarter, and $281 million in the
previous quarter.

Revenue was down 6.9 percent to $1.21 billion while gross margins
dropped to 34.5 percent from 42.6 percent.

“Our first quarter results were adversely impacted by
lower-than-expected pricing and demand weakness in certain segments and we
expect similar trends in the second quarter as well,” said Sanjay Mehrotra,
president and CEO. “We believe a seasonally stronger demand environment in the
second half of the year, combined with our diversifying portfolio of mobile and
SSD solutions, will allow us to deliver strong sequential revenue growth in the
third and fourth quarters.”