Today's Tech Winners and Losers
Western Digital (WDC) rose 7% after the maker of hard drives posted third-quarter results that topped forecasts. The company earned $102.9 million, or 45 cents a share, up from $70.8 million, or 32 cents a share, a year earlier. Revenue rose to $1.13 billion from $919.9 million. "The March quarter results demonstrate a continuation of our strong and consistent financial performance and penetration of new markets," Western Digital said. Shares were trading up $1.35 to $21.10.
Shares of Plexus (PLXS) jumped 11% after the electronics manufacturing services company posted better-than-expected second-quarter earnings. The company earned $18.5 million, or 40 cents a share, on revenue of $337.9 million. Analysts expected earnings of 34 cents a share and revenue of $340.9 million. During the year-earlier quarter, the company posted a loss of $4.5 million, or 10 cents a share, on revenue of $305.5 million. The results during the year-earlier quarter included restructuring charges and asset impairments of $9.8 million, or 22 cents a share. Without the one-time items, the company would have earned $5.3 million, or 12 cents a share.
For the fiscal third quarter, Plexus forecast earnings of 50 cents to 55 cents a share, including 2 cents in stock-based compensation costs. Analysts project earnings of 38 cents a share. The company predicts revenue of $390 million to $405 million, above analysts' expectation of $367.4 million. Shares were up $3.98 to $43.25.
Openwave Systems (OPWV) posted better-than-expected third-quarter results, but shares slid 8% Friday. For the quarter ended March 31, the software company reported a profit of $9.6 million, or 10 cents a share, on revenue of $113 million. Excluding items, the company earned $21.8 million, or 21 cents a share. Analysts expected earnings of 19 cents a share, before items, on revenue of $112.2 million. During the year-earlier quarter, the company recorded a loss of $2.6 million, or 4 cents a share, on revenue of $106.3 million. Excluding items, earnings were $5.3 million, or 7 cents a share, a year ago. Shares were trading down $1.60 to $18.91.
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