SanDisk Fiscal Q3: Data Center Inflects 233% QoQ while New Business Models (NBMs) Weigh on the Stock

The market is growing numb to the string of historic earnings reports we’ve seen from the memory industry. SanDisk delivered one of the best single-quarter earnings reports in NAND history with revenue nearly doubling sequentially, data center inflecting 233% QoQ and gross margin expanding 27.5 points – all of that in three, brief months. Total revenue of $5.95B beat estimates for $4.73B with data center revenue up 233% QoQ to $1.47B. Edge revenue of $3.66B also inflected 118% QoQ. The bottom line was exceptional with GAAP EPS of $23.03 and adjusted EPS of $23.41; beating estimates for $14.66 ... (crazy!) Today, data center represents 25% of SanDisk’s revenue compared to 15% last quarter.

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