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Western Digital Tops Fiscal First-Quarter Estimates

Western Digital reports strong cloud infrastructure growth in latest period.
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Western Digital Corporation  (WDC)   beat analyst expectations with its fiscal first-quarter financial report after the bell on Wednesday.

The company reported earnings of 65 cents a share on revenue of $3.9 billion. In the same period a year ago, the company posted earnings of 34 cents a share on sales of $4 billion.

Wall Street had expected the company to report net income of $161.7 million, or 55 cents a share, on sales of $3.8 billion, based on a FactSet survey of 29 analysts.

The company offered guidance of $0.45 - 0.65 a share on Aug. 6. Shares have risen 8.1% since then.

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Western Digital forecast fiscal second-quarter revenue to be in the range of $3.75 billion to $3.95 billion and non-GAAP earnings per share in the range of 40 cents to 60 cents.

In the upcoming quarter, analysts are forecasting sales of $3.8 billion and earnings per share of 59 cents, according to FactSet data.

"We continued to focus our execution on the massive market opportunity for data storage technology that stems from the ongoing expansion of cloud infrastructure," said David Goeckeler, Western Digital CEO, in a statement. "While we are still managing through macro uncertainty, during the quarter we benefited from strength particularly in the retail sector, driven by favorable macro and market dynamics, as well as the brand recognition of our products."

Shares of Western Digital  rose 69 cents, or 1.8%, to $39.50 in after-hours trading.  The stock fell 1.5% in the regular session on a broadly lower day for U.S. markets as the resurgent covid pandemic spooked investors.