MILPITAS, Calif.—Flash memory maker SanDisk Corp. said Thursday that its third-quarter net income fell by 28 percent despite increased revenues as costs rose for things such as research and development.
Net income in the three months to Oct. 2 fell to $233.3 million, or 96 cents per share, down from $322.1 million, or $1.34 per share, a year ago.
Adjusted to exclude such items as share-based compensation and amortization of intangibles, adjusted earnings came to $1.20 per share, above the $1.06 expected by analysts polled by FactSet.
Revenue rose 15 percent to $1.42 billion from $1.23 billion a year ago. Analysts were looking for revenue of $1.42 billion.
Research and development spending rose to $135.3 million from $111.5 million.
SanDisk shares were up 75 cents, or 1.65 percent, at $46.25 in after-hours trading following the release of results. They rose 32 cents in the regular session to close at $45.50.