U.S. Stocks Movement: Rambus plunges over 23% after earnings, leading the decline among memory-related stocks

Glonghui, April 28 — Storage concept stocks collectively fell, with Rambus plunging over 23%. SanDisk and Micron Technology, after hitting record highs yesterday, dropped 5.8% and 4.9% respectively. Western Digital fell 3.8%, and Seagate Technology fell 3%. In terms of news, US memory interface chip and IP supplier Rambus announced its first-quarter results. According to GAAP, the company recorded a net profit of $59.9 million, a slight year-on-year decrease of nearly 0.7%. Non-GAAP diluted earnings per share were $0.63, lower than the market expectation of $0.665. Total revenue was $180.2 million, up 8.1% year-on-year, but still slightly below the market expectation of $181.5 million.