Sandisk Corp. (Sandisk (SNDK)) reported its fourth-quarter results after Wednesday's closing bell, and while the numbers looked strong on paper, investors weren't impressed. Shares slipped in extended trading despite the company beating analyst estimates.

Here's the breakdown: Sandisk posted quarterly earnings of $39.25 per share, beating the analyst estimate of $34.45 by 13.93%. Revenue came in at $8.97 billion, ahead of the $8.39 billion analysts were expecting and a massive jump from the $1.9 billion reported in the same period last year.

The company attributed the revenue outperformance to a mix shift toward higher-value customers, with data center revenue up 437%, and higher pricing. That's a big deal, especially as data center demand continues to be a key growth driver for memory and storage companies.

In addition to the earnings beat, Sandisk's board approved a $14 billion expansion of its share repurchase program, bringing the total available for buybacks to $15.5 billion. That's a significant capital return move, signaling confidence in the company's cash flow generation.

CEO David Goeckeler struck an optimistic tone in the release: "We closed fiscal 2026 with a leading technology portfolio, established data center as a key growth pillar, and deepened our customer partnerships." He added, "Our technology and products are well positioned to create value for our customers and generate growing and durable free cash flow."

It's a reminder that even good news can get overshadowed in the market. But with revenue tripling and a massive buyback program in place, Sandisk's story is far from over.