Core Viewpoint - Goldman Sachs emphasizes that SanDisk has not only surpassed market expectations but has also delivered results that far exceed prior forecasts, indicating a strong performance in the NAND storage industry [1][4]. Group 1: Fourth Quarter Performance - SanDisk reported fourth-quarter revenue of $3.03 billion, exceeding both Goldman Sachs' prediction of $2.7 billion and the Wall Street consensus of $2.69 billion [7]. - The gross margin reached an impressive 51.1%, significantly higher than Goldman Sachs' forecast of 43.0% and Wall Street's expectation of 42.3% [7]. - The non-GAAP earnings per share (EPS) was recorded at $6.20, nearly double the market expectations, which were $3.66 from Goldman Sachs and $3.55 from Wall Street [7]. Group 2: First Quarter Guidance - For the first quarter, SanDisk provided a revenue midpoint guidance of $4.6 billion, which is 53.3% higher than market expectations [3][6]. - The gross margin guidance is projected to rise to 66.0%, surpassing Goldman Sachs' estimate of 44.0% and Wall Street's expectation of 47.2% [7]. - The EPS guidance range is set between $12.00 and $14.00, with a midpoint of $13.00, which is 140% higher than Wall Street's forecast of $5.42 and 273% above Goldman Sachs' prediction of $3.48 [6][7]. Group 3: Industry Implications - The strong performance and guidance from SanDisk suggest that the NAND storage industry may be entering a robust upcycle, which could positively impact similar companies like Micron Technology [3][6].
高盛快评闪迪季报：业绩超过了“本就很高”的预期