RTTNews | Jan 5, 2022 10:22AM EST

10:21 Wednesday, January 5, 2022 (RTTNews.com) - Shares of memory products maker SMART Global Holdings, Inc. (SGH) are down 8 percent on Wednesday's trading despite the company reporting positive results in the first quarter of 2022. Separately, the company also announced a two-for-one share split in the form of a share dividend of one ordinary share for every one ordinary share owned.

The company posted net income of $20 million or $0.73 per share in the first quarter, up from $2.0 million or $0.08 per share in the same period last year.

Excluding items, income was $56.3 million or $2.16 per share in the quarter, higher than $19.6 million or $0.78 per share in the previous-year period. On average, 6 analysts polled by Thomson Reuters expected the company to post earnings of $2.00 per share in the quarter.

Net sales climbed 167 percent to $470.0 million from $291.7 million a year ago.

Currently at $63.59, the stock has traded between $35.72 and $74.50 during the past 52 weeks.

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