SanDisk on Tuesday reported a third-quarter profit, reversing a year-ago loss, as revenue climbed by 14 percent due to stronger demand and higher prices.
The maker of flash memory used in consumer electronics devices recorded net income of $231 million, or 99 cents a share, compared with a loss of $166 million, or 74 cents, in the year-ago quarter.
Excluding charges related to acquisitions, compensation expenses and a convertible note, earnings would have been $176 million, or 75 cents a share, compared with a loss of $132 million, or 59 cents, last year.
Revenue came to $935.2 million, up from $821.5 million, driven by strong product sales that offset a decline in license and royalty revenue.
SanDisk beat the expectations of analysts, who, on average, were expecting a profit of 26 cents a share on revenue of $787.9 million, according to Thomson Reuters.
Shares of Milpitas-based SanDisk added 2 cents to close at $21.48 Tuesday. After hours, shares soared $2.10, or 9.8 percent, to $23.54.
