Irvine-based storage products maker Western Digital Corp. reported revenue and adjusted profits in the March quarter that missed Wall Street expectations amid continued sagging PC sales.
The world’s largest disk drive maker posted sales of $2.8 billion in the recently ended quarter, down 20.5% from a year ago and narrowly missing analyst forecasts of $2.86 billion.
Adjusted profits hit $283 million, down 35.8% from a year earlier. Wall Street was looking for adjusted profits of about $298 million.
The company sold 43.1 million hard drives in the March quarter, down from 49.7 million units in the December quarter.
Western Digital said it expects to close its record $17 billion acquisition of SanDisk Corp. in Milpitas by June, creating one of the most diversified players in the volatile storage market, with annual sales of about $19.7 billion and combined market cap of roughly $26 billion.
Western Digital shares are down 13% in Friday morning trading to a market value of $9.3 billion.
