SanDisk Corporation (NASDAQ:SNDK) showed its results for the first quarter of 2014 after the bell rang on Wall Street this afternoon. The flash storage maker showed earnings of $1.44 per share for the three months. Revenue for the first quarter came to $1.5 billion. On today’s market shares in the data-solutions firm trended upward and finished at $75.85 in anticipation of this earnings report.

SanDisk

Analysts studying SanDisk Corporation (NASDAQ:SNDK) were looking for the company to report earnings of $1.25 per share for the first quarter of the new year. Revenue was expected to come to $1.5 billion. The estimates came from a Businessweek survey of 26 analysts following the company. In the same three months of 2013 SanDisk Corporation (NASDAQ:SNDK) earned 84 cents per share on revenue of $1.3 billion.

Sandisk stock jumps on strong beat

Sandisk corporation (NASAQ:SNDK) shares were up by more than 2% in after-market trading after the release of the company’s earnings report. The firm’s strong beat on earnings left many investors rushing to purchase stock in the company, while the small beat on revenue showed that there was little softness in the company’s business in the first quarter of the year.

Sanjay Mehrotra, the company’s chief executive said “We delivered record first quarter results, driven by 61 percent growth in our SSD revenue and strong retail performance. We are excited by the momentum we are building in our business as we continue to execute on our growth initiatives.”

Growth weighs heavily on Sandisk shares

Data storage is set to be a key growth area in the years ahead as consumers, and enterprise, demand more and more storage for their data. SanDisk Corporation (NASDAQ:SNDK) is in an ideal position to benefit from this trend, and investors have driven the price of the company’s shares upward under the weight of those expectations.

Momentum stocks are still a difficult sell in 2014 after investor nervousness erased the gains of the S&P 500 earlier this year. SanDisk Corporation (NASDAQ:SNDK) doesn’t exactly fit into that category, but, at a P/E of 17, it has a lot of growth priced in, and that could make it highly volatile in after-market and Thursday’s trading.

Flash storage is a business built on technological achievement, and SanDisk Corporation (NASDAQ:SNDK) appears to have that locked down at the moment. The company is a major supplier of Apple Inc. (NASDAQ:AAPL) and other major device builders, and that may allow it to perform better than competitors in the long term

Analysts are expecting the company to show earnings per share of $5.78 for the full year 2014, and they’re expecting that to jump to $6.09 in 2015. SanDisk Corporation (NASDAQ:SNDK) executives are set to host an earnings call to discuss today’s report at 5 PM EDT.