Flash storage vendor SanDisk says it's disappointed after net income slumped to $39 million in Q1 2015, down from Q1 2014's $269 million.
First quarter revenues reached $1.33 billion, down 12 per cent year-on-year.
These results come just weeks after the company announced a forecast reduction due to disappointing enterprise sales and lower pricing.
Some reports suggest SanDisk is forecasting its first full-year revenue drop in three years, and is planning job cuts.
Sanjay Mehrotra, president and CEO of SanDisk, said: "We are disappointed with our financial and operational performance and are quickly taking aggressive measures to regain the excellence in execution that we have delivered in the past.
"Our top priorities for 2015 are to strengthen our product roadmap and rebuild our momentum across the business.
“We are excited about the long-term opportunities available to us and believe we are uniquely positioned in the industry to deliver innovative solutions to our growing customer base."
Despite the drop in net income, in Q1 SanDisk made a number of new announcements including a new category ('Big Data Flash' and the InfiniFlash next-gen storage platform), a 48-layer second-generation 3D NAND for use in removable products and enterprise SSDs, iNAND embedded storage for mobile devices, 200GB Ultra microSD card and more.
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