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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."