SanDisk's modest revenue forecast prompts selloff

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SummarySanDisk has been hurt in recent quarters by a drop in prices for NAND flash chips.

investors are adjusting to slower growth in the NAND chip industry after years of explosive expansion.

The chipmaker earned $214 million, or 87 cents per share, in the December quarter, compared to $281 million, or $1.14 per share, in the year-ago period.

Revenue fell 2 percent year over year to $1.54 billion.

Analysts on average were expecting revenue of $1.526 billion in the fourth quarter.

Excluding items, it earned $1.05 a share. Analysts had expected earnings of 76 cents a share.

The company's shares fell 3.46 percent to $46.00 in extended trade, after closing down 0.63 percent on Nasdaq.

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