Western Digital and Sandisk crush Wall Street forecasts on soaring AI demand, but stocks fall
Western Digital and Sandisk reported strong earnings and revenue beats due to soaring demand for memory chips driven by the AI boom, with Western Digital's revenue growing 45% and Sandisk's revenue soaring 251% year-over-year. Despite the positive results, both companies' stocks fell in late trading.
Western Digital and Sandisk delivered strong earnings and revenue results, beating Wall Street expectations. Western Digital's adjusted earnings were $2.72 per share, up from $1.36 per share a year ago, with revenue growing 45% to $3.34 billion. Sandisk's adjusted earnings were $23.41 per share, with revenue soaring 251% to $5.95 billion. The companies' success is driven by the AI boom, with demand for memory chips and storage solutions increasing rapidly. Western Digital expects continued growth, forecasting revenue of around $3.65 billion and earnings of $3.25 per share for the fiscal fourth quarter. Despite the positive results, both companies' stocks fell in late trading, with Western Digital down 6% and Sandisk down 4%.
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