SanDisk Corp. said Thursday afternoon that earnings fell by 49% in the first quarter

SAN FRANCISCO (MarketWatch)
SanDisk Corp. said Thursday afternoon that earnings fell by 49% in the first quarter, coming in below Wall Street's estimates
For the period ended April 1, SanDisk reported net income of $114 million, or 46 cents a share, compared to net income of $224 million for the same period last year
Adjusted net income was $156 million, or 63 cents a share, for the recent period
Revenue fell 7% to $1.21 billion
Analysts were expecting earnings of 67 cents a share on revenue of $1.2 billion, according to FactSet Research
The company said in a statement that its results were "were adversely impacted by lower-than-expected pricing and demand weakness in certain segments and we expect similar trends in the second quarter as well."