Memory stock company Sandisk again posted quarterly revenue and per-share profit well ahead of expectations, but its shares zigzagged in afternoon trading, suggesting investors wanted more.
After wobbling, the stock was down more than 2% in late afternoon trading. They closed the regular session down 5.3% at $1,330.05 on Thursday.
For its fiscal first quarter, Sandisk reported adjusted earnings of $49.51 a share on revenue of $11.03 billion, up 378% from a year ago, and well above the adjusted EPS of $46.67 and $10.7 billion revenue Wall Street was expecting.
Data center revenue soared 1,682% from a year ago, to $4.8 billion, above analysts' projections for $3.98 billion, according to FactSet.
Revenue from Edge, a line of commercial flash memory products for smartphones, PCs, automotive, tablets, and physical AI applications, rose 320% from a year ago, to $5.8 billion, which actually missed expectations for $6.07 billion.
Consumer revenue fell 39% to $397 million, also missing the $590 million expected.
"Our confidence in the long-term trajectory of the business is grounded in three enduring strengths: technology leadership, deep consumer partnerships, and disciplined financial management," Sandisk said. It also sees a structural, AI-driven increase in demand for NAND memory extending beyond fiscal 2030.
Shares of Sandisk's rivals also fell before it reported earnings. Micron Technology closed down 4.9% at $934.27; and Western Digital closed down 0.3%, at $395.41. But Seagate Technology closed up 0.4% at $700.47, and Micron.
Sandisk's stock is up 460% through Thursday's close and up 579% over the past 12 months.
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