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Wednesday, Apr 17, 2024

WD Beats on Profit, Revenue in Line

Irvine-based storage products maker Western Digital Corp. after the close of intraday trading Wednesday reported June revenue in line with Wall Street expectations and adjusted profits that beat estimates.

Shares rose about 10% in midday trading to a market value of about $20 billion.

The world’s largest disk drive maker posted sales of $3.2 billion in the recently ended quarter, down 12.6% from a year earlier.

Analysts on average had forecasted revenue of $3.25 billion.

Adjusted profits topped $356 million, or $1.51 per share, down 20% from a year ago. Wall Street was looking for adjusted profits of $334.8 million.

The company said it sold 48.5 million hard-drive units, down from the 54.5 million units shipped in the March quarter.

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 laptops.

In the 12 months through the end of its fiscal year on June 30, the company posted sales of $14.6 billion, down 3.3%.

Adjusted profits hit $1.8 billion, down about 10%.

Western Digital shipped 228.7 million hard drives in the 12 months through June, down from 249.2 million in the same period a year earlier.

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