SanDisk posts first-quarter net loss of $575,000

SanDisk posts first-quarter net loss of $575,000

SanDisk Corp. is one of the leading makers of cell phones, digital cameras and digital music players. The company has just come out with their latest revenue report and they have posted a quarterly loss.

SanDisk suffered from lower profits from their products as they posted first-quarter net loss of $575,000. This is disappointing compared to year-earlier net income of $35.1 million.

Revenues for the company were up at $786 million. This is an improvement of around 26%.

SanDisk Chief Executive Eli Harari said in a statement on their report and future expectations: “2007 is a tough year, there’s no denying that.”

He added: “Our industry experienced excess supply, sharp price declines and depressed margins.” SanDisk also suffered from a bad price war which saw their competitors cutting the prices of the products.

Harari further said: “Our outlook is optimistic for renewed growth heading into the fourth quarter of 2007 and forward to 2008.”