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SanDisk Q3 revenue up 32% to $1.23bn

Results driven by strength in OEM and retail business.

SanDisk has reported revenue of $1.23bn for the third quarter of 2010, an increase of 32% on a year-over-year basis and an increase of 5% on a sequential basis.

Product revenue was $1.14bn, up 40% year-over-year and up 4% sequentially. License and royalty revenue was $96m, down 21% year-over-year and up 9% sequentially.

For the quarter, operating income was $432m compared to operating income of $240m in the third quarter of 2009.

Net income for the third quarter of 2010 was $322.1m, or $1.34 per diluted share, compared to net income of $231.3m, or $0.99 per share in the third quarter of 2009. SanDisk chairman and CEO Eli Harari said the company delivered outstanding results for the third quarter, driven by continued strength in their OEM and retail businesses.

"Solid execution, stable pricing and substantial cost reductions led to record high operating and net income and our highest ever total gross margin of 52%," Harari said.

"For 2011, we are bullish about continuing growth in our diversified channels, including further substantial inroads for our embedded storage products in smartphones, tablet PC's and other mobile devices."

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Is anyone prepared to solve the NHS funding crisis?

As long as the political taboo on raising taxes endures, the service will be in financial peril. 

It has long been clear that the NHS is in financial ill-health. But today's figures, conveniently delayed until after the Conservative conference, are still stunningly bad. The service ran a deficit of £930m between April and June (greater than the £820m recorded for the whole of the 2014/15 financial year) and is on course for a shortfall of at least £2bn this year - its worst position for a generation. 

Though often described as having been shielded from austerity, owing to its ring-fenced budget, the NHS is enduring the toughest spending settlement in its history. Since 1950, health spending has grown at an average annual rate of 4 per cent, but over the last parliament it rose by just 0.5 per cent. An ageing population, rising treatment costs and the social care crisis all mean that the NHS has to run merely to stand still. The Tories have pledged to provide £10bn more for the service but this still leaves £20bn of efficiency savings required. 

Speculation is now turning to whether George Osborne will provide an emergency injection of funds in the Autumn Statement on 25 November. But the long-term question is whether anyone is prepared to offer a sustainable solution to the crisis. Health experts argue that only a rise in general taxation (income tax, VAT, national insurance), patient charges or a hypothecated "health tax" will secure the future of a universal, high-quality service. But the political taboo against increasing taxes on all but the richest means no politician has ventured into this territory. Shadow health secretary Heidi Alexander has today called for the government to "find money urgently to get through the coming winter months". But the bigger question is whether, under Jeremy Corbyn, Labour is prepared to go beyond sticking-plaster solutions. 

George Eaton is political editor of the New Statesman.