Sandisk announced an eight-for-one forward stock split

Sandisk said its board approved an eight-for-one forward split of its common stock. In a Form 8-K dated Oct. 29, the company said stockholders of record at the close of business on Nov. 9 will receive seven additional shares for each share held, issued after the market closes on Thursday, Nov. 19. It said the stock is expected to begin trading on a split-adjusted basis at the market open on Friday, Nov. 20, under the existing symbol SNDK.

The filing says the split will be carried out through an amendment to the company's certificate of incorporation that will raise the number of authorized common shares from 450 million to 3.6 billion. In its earnings release, Sandisk said the split is meant to make the stock more accessible, including to employees through its employee stock purchase plan, and that its overall market capitalization and stockholders' ownership percentages will not be affected. A split changes the number of shares and the price per share, not the total value of a holding.

The same release reported fiscal first-quarter results for the quarter ended Oct. 2. Revenue was $11,031 million, against $8,965 million in the prior quarter and $2,308 million a year earlier. GAAP net income was $8,101 million, or $52.60 a diluted share, and non-GAAP diluted earnings were $49.51 a share. Datacenter revenue was $4,802 million, Edge revenue $5,832 million and Consumer revenue $397 million. The company said it repurchased about 3.2 million shares for $5.0 billion during the quarter.

For the fiscal second quarter, Sandisk forecast revenue of $12.2 billion to $12.6 billion and non-GAAP diluted earnings of $55.00 to $57.00 a share on a pre-split basis. Those are the company's forecasts, and it says actual results may differ. The release notes that all per-share figures are presented before the split. This article is not investment advice and does not say whether Sandisk shares should be bought, held or sold.