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4th Quarter 8:56

SanDisk stock falls on lower sales and profit forecast

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The biggest maker of flash memory cards cut its forecast for sales and profit, citing weaker pricing and demand for components that store data in mobile phones. SanDisk and its rivals are pumping out more components than the consumer electronics industry needs, said MKM Partners. Revenue in the quarter that ended April 1 will be about $1.2 billion, compared with an earlier forecast of up to $1.35 billion, SanDisk said. Gross margin, a yardstick of profitability, will be below 39 to 42 percent, the company’s previous prediction.

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