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SanDisk beats all records yet drops 8% — market punishes cautious outlook
SanDisk posted its best-ever quarterly results, with revenue of $8.97 billion and net profit of $6.9 billion, beating all its own forecasts. Despite the record performance, shares in the NAND memory chip maker fell around 8% on Nasdaq, dropping from a closing price of $1,350.50. The sell-off, which began Wednesday evening, reflects investor concern about the company's forward guidance rather than its historical results.
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