Sandisk fiscal Q3 revenue jumped 3.5 times year over year to $5.95 billion, crushing consensus estimate of $4.7 billion

Sandisk reported adjusted earnings of $23.41 per share in fiscal Q3 (ended April 3), up from a loss per share of $0.30 in the prior-year period. Analysts had expected $14.50 per share.

Edge devices (smartphones and PCs) produced 62% of Sandisk's top line last quarter, with revenue up 118% sequentially. Apple doubled the minimum storage to 256 gigabytes in its latest iPhone 17 models; TrendForce estimates the 128 GB storage configuration in Android smartphones could vanish by end of 2026 to support local AI processing.

Sandisk signed three long-term data center supply contracts last quarter valued at $42 billion, with the longest running for five years. The company has already signed two new long-term contracts in the current quarter.

NAND flash memory prices are projected to jump by 234% in 2026 and are expected to remain in short supply until 2028, according to Gartner.