Goldman Sachs: SanDisk và Western Digital vượt kỳ vọng lợi nhuận nhưng cổ phiếu sau báo cáo giảm

The Huoxing Finance report states that on August 6, Goldman Sachs' TMT team noted that SanDisk and Western Digital both declined after hours, despite both companies reporting strong quarterly results. The market's focus was not on the current quarter's figures, but rather on the fact that buy-side expectations had already been elevated prior to the earnings release. SanDisk's revenue, gross margin, and EPS all exceeded expectations, but its third-quarter revenue guidance was slightly below market estimates, while EPS guidance was broadly in line. Amid a prior significant stock price increase, the earnings report triggered some profit-taking. A more positive factor is that SanDisk has secured multi-year customer supply agreements covering over 50% of its planned bit output for fiscal year 2027 and 65% for fiscal year 2028, with price floors in place, supporting NAND pricing visibility and share repurchases. Western Digital's revenue, margins, and EPS also exceeded expectations, and its third-quarter revenue and margin guidance were above market estimates, yet its stock still fell. Goldman Sachs believes that, given already high expectations for HDD pricing and margins, the company's guidance failed to significantly raise market expectations further. The market also worries that storage capacity shipments may slow during the company's ramp-up of 40TB ePMR products and HAMR certification. Goldman Sachs summarized the night's performance as “beat on results, but still insufficient to meet high expectations.” The fundamentals for NAND and HDD remain supportive, but market expectations are already at elevated levels.