Sandisk (SNDK) 1Q:2008 Results

Revenue comes in 5% better at ~850mm with street at $811mm. Product gross margins are worse than expectations and overall gross margins are light. The guidance is for growth on the top line with a further reduction in product gross margins. That's a setup for lower EPS projections. Stock is up a dollar to $26.7 following the number, I'd continue to make sales as I think product gross margin guidance is a problem here.