SanDisk Corp is forecasting a fall in full-year revenue which will result in job cuts, from its 8,696 full-time staff, in order to reduce costs as the data storage products maker struggles to meet demand for its flash-based memory products. The company makes products for cloud computing, datacenters, smartphones and other mobile devices, fell 6 percent in extended trading.
But, lower pricing, lean inventory, unplanned maintenance at its chip foundry last year and delay in sales of certain embedded parts has led to two revenue forecast cuts this year, including a warning last month.
"It looks like SanDisk is going to have pretty tough road ahead to haul in 2015," said Wedbush Securities analyst Betsy Van Hees, adding that the company's spending is high and will continue at "elevated levels."
You can read more about this story at Reuters.