SanDisk Corp. (SNDK) shares plummeted 9.13% in pre-market trading on Thursday, extending a sharp sell-off that began in the after-hours session following the release of its fiscal fourth-quarter earnings. The memory-chip maker's stock came under heavy pressure as investors reacted to a forward revenue outlook that fell short of Wall Street's elevated expectations.

For the fiscal fourth quarter, SanDisk reported adjusted earnings of $39.25 per share on revenue of $8.97 billion, both comfortably exceeding analyst consensus estimates. The company's data center revenue more than doubled sequentially, driven by robust AI infrastructure demand. However, SanDisk guided for fiscal first-quarter revenue in the range of $10.3 billion to $10.8 billion, with the midpoint of $10.55 billion coming in below the $10.82 billion that analysts had been modeling. The adjusted earnings per share guidance of $44 to $46 was also roughly in line with or slightly below the consensus.

The decline underscores the market's heightened sensitivity to any sign of decelerating growth, especially for a stock that had surged over 400% in the past year. Despite the company’s announcement of a $14 billion expansion to its share buyback program, the disappointing near-term forecast overshadowed the strong quarterly performance and triggered a wave of selling in the pre-market.