[DEVELOPING] Memory stocks slide despite Sandisk beat-and-raise as CXMT posts 613% Q3 revenue jump
Sandisk reported fiscal Q1 revenue of $11.03B and non-GAAP EPS of $49.51, both above estimates, with an 85.1% non-GAAP gross margin. It guided Q2 above consensus and announced an 8-for-1 split, but the shares fell. Investing.com cited valuation and growth-sustainability concerns. China's CXMT reported Q3 revenue up 613.2% year on year to 118.71B yuan. Invezz reported premarket losses on Oct 30 of more than 6% for Micron and nearly 9.5% for Sandisk, and said SK Hynix closed 7% lower. What to watch: whether CXMT's 4F² DRAM server product reaches mass production, which it has not yet shown, and how long memory margins hold.