Western Digital, Yahoo!: After-Hours Trading
NEW YORK (
) -- Shares of
Western Digital
(WDC) - Get Western Digital Corporation Report
turned lower in late trades Monday after the hard disk drive maker reported strong quarterly results but gave a disappointing guidance.
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
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. Earlier, the shares ran as high as $37.30. Also taking a hit after the bell was rival drive maker
Seagate Technology
(STX) - Get Seagate Technology Holdings PLC Report
, 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
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.
"Yahoo! had a solid third quarter, and we are encouraged by the stabilization in search and display revenue," said Marissa Mayer, the company's CEO. "We're taking important steps to position Yahoo! for long-term success, and we're confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners and shareholders."
Based on Tuesday's close at $15.77, Yahoo! shares were down 2.2% in 2012.
Other stocks active after the closing bell on Monday were
Texas Instruments
(TXN) - Get Texas Instruments Incorporated Report
, whose stock was flat on volume of nearly 800,000 after the chip maker topped Wall Street's expectations for the third quarter but issued a
for the fourth quarter; and
Veeco Instruments
(VECO) - Get Veeco Instruments Inc. Report
, whose shares fell nearly 5% to $27.50 on volume of nearly 150,000 after the Plainview, N.Y. maker of technology capital equipment forecast non-GAAP earnings of 4 to 16 cents a share for the fourth quarter vs. Wall Street's estimate of 34 cents a share.
--
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
Michael Baron
.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
