SanDisk Corporation (NASDQ:SNDK) released its earnings report for the three months through the end of June on Wednesday afternoon, July 16, after the bell rang on Wall Street. The company revealed it earned $1.41 per share in the quarter, which it designates the second of fiscal 2014, and brought in revenue of $1.63 billion. On today’s market shares in the company surged to finish strongly up at $107.83.

Sandisk

Before the company accounts were released for public viewing, analysts following SanDisk Corporation (NASDAQ:SNDK) were looking for the company to show earnings per share of $1.39 for the second quarter. Revenue for the three months was expected to come in at $1.6 billion. In the same three months of 2013 the storage solutions provider earned $1.21 on revenue totaling $1.5 billion.

SanDisk bets big on cloud technology

SanDisk Corproation (NASDAQ:SNDK) is, according to analyst opinion, one of the companies most likely to benefit from the transition to cloud computing in coming years. The company’s storage solutions business, which includes a wide array of solid state storage devices, has been growing strongly, as evidenced by this afternoon’s earnings numbers. The company’s future relies on computing heading straight for the cloud.

Until the enterprise market for solid-state storage really takes off, SanDisk Corporation (NYSE:SNDK) has another big market to pick up the slack. The company’s solid state drives are being used in all manner of mobile computing devices, and that market demand nothing less than the safe, fast and energy efficient attributes of flash storage.

The flash storage market is set to drive SanDisk Corporation (NASDAQ:SNDK) for the next several years, despite the apparent difficulty Wall Street had with accepting this afternoon’s earnings report.

SanDisk continues to beat earnings estimates

SanDisk Corporation (NASDAQ:SNDK) has long been known as a consistent beater of analyst estimates. The company’s record in that regard is so good that a mythology has built up around it. That mythology may have been responsible for the rise in the company’s shares heading into the release of the company’s results this afternoon. The company has beat analysts estimates in 18 of the last twenty reports it released, making it one of the most prolific analyst-mystifiers out there.

The extent to which the company’s pattern of beating earnings has embedded itself in the mind of traders can be seen in the reaction to the small beat this afternoon. Right after the announcement traders in aftermarket business drove the company’s shares down by more than 7%. The collapse was due to the incredible expectations levied on the company.

The company’s run of beating estimates has contributed weightily to its share performance in better quarters. Since 2014 began the firm’s shares have increase in value by more than 50%. In the last twelve months the company’s stock has gained more than 80%. Given the company’s prime position in what’s seen as a big growth market going ahead, investors seem confident in the ability of SanDisk Corporation (NASDAQ:SNDK) to continue its good run.