Mixed Quarter for WDWednesday, April 30, 2014
Irvine-based disk drive maker Western Digital Corp. on Wednesday reported March quarter revenue in line with Wall Street estimates and net income that beat expectations.
The company posted sales of $3.7 billion, down 2.6% from a year earlier.
Net income was $470 million, down 8.5% from a year ago and beating analyst estimates of $444.1 million.
The company said it sold 60.4 million hard drive units, compared to 60.2 million units shipped a year ago.
Hard drives use spinning disks to store data, unlike the company’s growing line of solid-state drives, which use chips.
Western Digital’s disk drives go into computers, external storage devices, corporate networks and consumer electronics, such as DVR players.
The company's shares are relatively flat in extended trading, with a market value of about $20.81 billion.
Cupertino rival Seagate Technology Inc. reported similar financial results for the March quarter on Tuesday.
Seagate posted revenue of about $3.4 billion, down 3.4% from a year ago and in line with Wall Street expectations. Net income topped $453 million, down 2.3% and beating consensus estimates of $414.2 million.
The company said it shipped 55.2 million hard drive units, down from 55.7 million a year ago.