After the closing bell, Irvine, Calif.-based Western Digital reported an adjusted profit of $594 million, or $2.35 a share, for its fiscal first quarter ended in September on revenue of $4.04 billion, besting the average estimate of analysts polled by Thomson Reuters for earnings of $2.29 a share on revenue of $3.97 billion.
"We are pleased to deliver another quarter of strong financial performance, continuing our track record of consistent execution," said John Coyne, the company's CEO, in a press release. "While the macroeconomic environment is dampening near term demand, we remain confident in the continued long-term growth in the creation, storage and management of digital content. Western Digital has never been better positioned to address this opportunity, with great people, deep technology, a broad product portfolio and strong customer and supplier relationships."
Western Digital said hard drive shipments totaled 62.5 million in the latest quarter vs. 57.8 million in the same period a year earlier.On its conference call though, the company said it sees non-GAAP earnings of $1.65 to $1.85 a share for its fiscal second quarter on revenue ranging from $3.55 billion to $3.70 billion, according to Briefing.com. That view is below the current analyst view for a profit of $2.40 a share on revenue of $4.08 billion. The stock was last quoted at $33.45, down 5.2%, on volume of more than 640,000, according to Nasdaq.com. Earlier, the shares ran as high as $37.30. Also taking a hit after the bell was rival drive maker Seagate Technology (STX), down more than 4% at $27.15 on volume of nearly 550,000.
Shares of Yahoo! (YHOO) jumped in late trades after the company bucked the general trend for tech companies this quarter and delivered above-consensus results on both the top and bottom lines. The stock was last quoted at $16.32, up 3.5%, on extended volume of 3.05 million, according to Nasdaq.com. For the third quarter ended Sept. 30, the Sunnyvale, Calif.-based Internet content and search company reported non-GAAP earnings excluding items of $177 million, or 35 cents a share, with revenue excluding traffic acquisition costs, or TAC, come in at $1.09 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of 25 cents a share in the September-ended period on revenue of $1.08 billion. In the same period a year earlier, Yahoo! earned $175 million, or 21 cents a share, on a non-GAAP basis on revenue excluding TAC of $1.07 billion.
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