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Slideshow SanDisk sees pricing pressure hurting second-quarter Tweet Share this Email Print Related News Chipmaker AMD's results point to better PC market Thu, Apr 19 2012 UPDATE 2-SanDisk sees pricing pressure hurting 2nd qtr Thu, Apr 19 2012 Bank of America trading rebound aids recovery Thu, Apr 19 2012 Travelers smashes estimates, insurance rates rising Thu, Apr 19 2012 Verizon Wireless data revenue growth impresses Thu, Apr 19 2012 Analysis & Opinion Int’l Power does well to get better buyout from GDF Global cues likely to dominate market Related Topics Tech » Media » An employee of a computer shop poses with a SanDisk compact flash memory card inside a computer mall in Taipei September 17, 2008. Credit: Reuters/Nicky Loh Thu Apr 19, 2012 8:19pm EDT (Reuters) - SanDisk Corp said the glut in the memory chips market will continue to hurt prices for the rest of the year, sounding its second revenue warning in as many quarters. The company, which has struggled to rein in the downward spiral in prices for NAND flash chips -- used as primary memory in phones and tablets -- projected second-quarter revenue of $950 million to $1.05 billion, well below the Street's $1.30 billion expectations. "We expect the steeper price decline in the first half of 2012 to result in considerably lower price levels for the whole year, reflecting a weaker industry supply-demand balance than we had previously anticipated," the company said on a call with analysts. For the first-quarter, profit nearly halved, while gross margins declined to 36 percent. It expects gross margins to fall further to 26-30 percent in the current quarter. The company earned $114 million, or 46 cents per share, down from $224 million, or 92 cents per share, last year. Excluding items, it earned 63 cents per share, while analysts were looking for 70 cents per share, according to Thomson Reuters I/B/E/S. Revenue fell over 7 percent to $1.21 billion, in-line with lowered Street expectations. The company had pre-announced earnings early this month, warning of revenue and gross margin erosion during the quarter. SanDisk shares fell 9 percent to $36.90 in extended trading. They had closed at $40.47 on Thursday on the Nasdaq. (Reporting by Himank Sharma in Bangalore; Editing by Sriraj Kalluvila) Tech Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. 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