Storage company SanDisk has reported a total revenues of $1.18bn for the second quarter 2010, an increase of 61% compared to total revenue of $731m in the year-ago quarter.
The company posted an operating income $359m, compared to operating income of $68m in the year-ago quarter.
For the quarter ended on July 04, 2010, the company reported a net income of $258m, compared to a net income of $53m for the same quarter 2009. Diluted EPS for the second quarter of 2010 increased to $1.08 from $0.23 for the same quarter previous year.
The company said that the product revenue increased by 79% year-on-year to $1.09bn, while license and royalty revenue fell 27% year-on-year to $88m. The average price per gigabyte sold decreased by 18% year-over-year and 8% sequentially.
Eli Harari, chairman and chief executive at SanDisk, said: "SanDisk delivered another excellent quarter, with OEM demand driving record unit and gigabytes sold. We achieved 47% total gross margin, due to cost reductions and a stable pricing environment.
"We exited the quarter with a record high cash balance of $3.7bn or $2.6bn net of debt. For the second half of the year, demand from our diversified customer base is very strong.
Content from our partners
"We expect our recent announcement of our Fab 5 joint venture with Toshiba to allow us to meet our customers’ growing demand for flash in the coming years."
