Western Digital: Fiscal 1Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Western Digital Corp. (WDC) on Wednesday reported a fiscal first-quarter loss of $276 million, after reporting a profit in the same period a year earlier.
The San Jose, California-based company said it had a loss of 93 cents per share. Earnings, adjusted for amortization costs and non-recurring costs, were 34 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.
The maker of hard drives for businesses and personal computers posted revenue of $4.04 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $3.9 billion.
For the current quarter ending in January, Western Digital expects its per-share earnings to range from 45 cents to 65 cents.
The company said it expects revenue in the range of $4.1 billion to $4.3 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $4.24 billion.
Western Digital shares have risen 68% since the beginning of the year, while the Standard & Poor’s 500 index has increased 22%. In the final minutes of trading on Wednesday, shares hit $62.16, an increase of 50% in the last 12 months.