SanDisk posts $5.95B revenue, $23.41 per share on AI demand
Business
SanDisk just posted some impressive numbers for its latest quarter: $5.95 billion in revenue, way above what analysts expected.
Thanks to a boom in AI-powered tech needing more storage, profits also shot up to $23.41 per share (the market was only expecting $14.50).
SanDisk announces $6B share buyback
SanDisk is feeling confident, predicting even higher sales and profits for the next quarter, again beating Wall Street's forecasts.
But even with all this good news, the stock dropped 6% after-hours (after briefly rising).
To keep things steady, SanDisk announced a massive $6 billion share buyback program.
CEO David Goeckeler said its long-term contracts are designed to help keep finances on track, no matter how the memory chip market shifts.