NEW YORK (AP) — SanDisk slashed its fourth-quarter revenue outlook Monday due to weaker demand for its chips, and its shares fell sharply in morning trading.
The company said sales of its storage products found in stores were weak, as well as sales of its chips used in smartphones and tablets.
The flash-memory chip maker said it now expects revenue of about $1.73 billion for the fourth quarter, down from its previous forecast between $1.80 billion and $1.85 billion. Analysts expected revenue of $1.83 billion, according to FactSet.
Shares of SanDisk Corp. fell $11.58, or 11.9 percent, to $85.46 in morning trading Monday.
SanDisk, based in Milpitas, California, said it will release its full fourth-quarter results on Jan. 21.