Sandisk Earnings: We See Growth Beyond Short-Term Pricing Correction and Shares Look Fully Valued

Sandisk's March-quarter revenue declined 1% year over year and 10% sequentially to $1.7 billion, and non-GAAP gross margin declined nearly 1,000 basis points sequentially to 22.7%. Guidance calls for sequential improvements to sales and margin, with midpoints of $1.8 billion and 26.3%, respectively.