SanDisk Corp’s (NASDAQ:SNDK) stocks fell further today than they have in nearly 5 years. The company announced that the quarter ending on March 29th has had its revenue numbers updated. The company projects $1.3 billion in revenue. Analysts previously projected that the company’s revenue would reach $1.45 billion.
Early morning trading saw the company’s stock fall 17% to $67.61 a share. This is the largest drop in stock since May of 2010 for SanDisk.
A spokesperson for the company states that lower-than-expected sales in the company’s business sector and lower prices are to blame for the lower revenue. The company has also seen a decline in demand for their chips that are found in phones, tablets and memory cards.
The company had a similar announcement just two months ago. When the company first released its first-quarter projections, it failed to meet analyst expectations of $1.6 billion.
Sanjay Mehrotra, CEO of SanDisk, announced that the company is working on ways to boost revenue. Leveraging the company’s products and expanding its customer base is what the company is doing to increase revenue moving forward in 2015.
Analysts have rated SanDisk stock as neutral. With the stock hitting a 52-week low, it’s hard to judge how SanDisk will recover. Over the past 52-weeks, the stock had a high of $108.77 and a low of $73.11.
