Sandisk (SNDK) Gets 20% Boost from Upbeat NAND Market Outlook

We recently published 10 Stocks Soaring Past Expectations. Sandisk Corp. (NASDAQ:SNDK) is one of the big names that led last week’s charge.

Sandisk jumped by 20.14 percent week-on-week as investors loaded portfolios amid the company’s highly optimistic outlook for the NAND market, supported by the rapidly growing investments in the artificial intelligence industry.

In an earnings call late last week, Sandisk Corp. (NASDAQ:SNDK) CEO David Goeckeler said that the growing investments in data centers and AI infrastructures are “creating a strong tailwind” for the company’s high-capacity power-efficient solid-state drives.

In line with the outlook, Sandisk Corp. (NASDAQ:SNDK) said it projects revenues in the second quarter of the year to hit $2.55 billion to $2.65 billion, with diluted earnings per share of $3 to $3.40.

Also last week, Sandisk Corp. (NASDAQ:SNDK) announced its earnings performance in the last quarter of the year, with net income declining by 47 percent to $112 million from $211 million in the same period last year. Revenues, on the other hand, jumped 23 percent to $2.308 billion from $1.883 billion year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.