Earnings Review: SanDisk Corporation (SNDK) Jumps 11%, ETFC Reports Lower Profit

E TRADE Financial Corporation (NASDAQ:ETFC) reported a second quarter profit yesterday that declined from the previous year, owing to a drop in quarterly revenues amid 6% lower daily average revenue trades. Earnings per share topped analysts' expectations, while revenues missed their estimates by a whisker.

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The company reported second quarter net income of $39.51 million or $0.14 per share, as against $47.12 million or $0.16 per share in the prior-year quarter. Total net revenues declined $452.41 million from $517.62 million in the same quarter last year. Analysts expected the company to report earnings of $0.11 per share on revenue of $457.42 million.

At the end of the quarter, the company reported 4.43 million customer accounts, up 3% from the end of prior-year quarter. These included 2.87 million brokerage accounts, and 1.10 million stock plan accounts. The company ended the quarter with a Tier 1 capital ratio of 7.9% and a risk-based capital ratio of 18.0%.

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SanDisk Corporation (NASDAQ:SNDK) stock climbed 11.17% to $39 in the after hour trading after the company’s second-quarter earnings plunged owing to much weaker sales and profit margins, due to soft demand for the company's memory chips from makers of mobile devices.

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The company posted a second-quarter profit of $12.97 million, or $0.05 a share, versus $284.4 million, or $1.02 a share, in the same period a year ago. On a non-GAAP basis, the company said it would have earned $51 million, or $0.21 a share, for the recent period. Revenue for the quarter fell 25% to $1.03 billion, owing to weakness in its original equipment manufacturer sales. Analysts had predicted earnings of $0.19 a share.

Additionally, RBC Capital reissued their outperform rating on shares of SanDisk in a research report released yesterday.