Thursday, October 18, 2012

Tech Recap: Riverbed Technology, SanDisk Corporation, Advanced Micro Devices (RVBD, AMD, SNDK)

Riverbed Technology, Inc.(NASDAQ:RVBD) shares are among the top performer in after-hours trading as the company posted solid third-quarter profit boosted by strong product demand.

The company reported net income of $24.7 million, or 15 cents a share, up from a year ago profit of $19.3 million, or 12 cents a share. On an adjusted basis, the company earned 28 cents a share, ahead of analysts’ estimate by 3 cents.

Will RVBD Continue To Move Higher? Find Out Here

Revenue came in at $218.6 million, up 10% year over year, again topping analysts’ target of $216.8 million.
Shares of RVBD jumped 10.50% to $22.85 in extended trading hours.

SanDisk Corporation(NASDAQ:SNDK) easily topped analysts’ target as the company posted net income of $77 million, or 31 cents per share on revenue of $1.27 billion. On an adjusted basis, the company earned 48 cents a share, ahead of analysts’ estimate by 15 cents on revenue of $1.22 billion.

The latest quarter’s earnings were driven by rising demand from chips used in smartphones and tablets and lower supply drove up flash memory prices.

Gross margin was healthy with 30.10%, up by 2.90% sequentially.

Shares of SNDK rose 3% in after hours session.

Advanced Micro Devices, Inc.(NYSE:AMD) has a plan to reduce its work force by 15% or 1,800 jobs by the end of this year to trim its spending amid dwindling sales. It expects to record a restructuring expense in the fourth quarter of about $80 million.

Recently, the company had trimmed its earnings projections for the third quarter which ended last month, stating poor demand across all product lines largely to the challenging macroeconomic environment (which is quite beneath the control of the company).

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